To open long positions on EURUSD, you need:
In my morning forecast, I paid attention to purchases from the level of 1.1854 when it broke and fixed higher, which happened. Although the German inflation data coincided with the forecasts of economists and failed to please the market, a good entry point into long positions was formed on the 5-minute chart. As long as trading is conducted above the range of 1.1854, you can expect the EUR/USD to continue growing to the resistance area of 1.1905, where I recommend taking the profit. A break in this range will be possible only with very bad data on inflation in the US, which will open a direct road to the highs of 1.1949 and 1.1994, where I recommend fixing the profits. Closing the week above 1.1854 will also preserve the upward potential in the euro, which could be seen yesterday after the European Central Bank decided on interest rates. If the pair again falls below the level of 1.1854 in the afternoon, then I recommend returning to long positions only for a rebound from the larger support of 1.1800, based on a correction of 20-30 points within the day.
To open short positions on EURUSD, you need:
Sellers need to return the euro to the level of 1.1854, and its test on the reverse side on the volume forms a good entry point for short positions with the main goal of updating the minimum of 1.1800, where I recommend fixing the profits. In the case of very good data on inflation in the US, we can expect an update of the week's minimum in the area of 1.1756. If the demand for EUR/USD continues in the afternoon, it is best not to rush with sales. However, you should wait for the test of yesterday's resistance of 1.1905 and open short positions from there. It is best to sell the euro immediately for a rebound from the more recent high of 1.1949, based on a correction of 20-30 points within the day.
Signals of indicators:
Moving averages
Trading is above the 30 and 50 daily moving averages, which indicates an attempt by the bulls to resume the upward correction of the euro.
Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.
Bollinger Bands
The upper limit of the indicator around 1.1865 is already acting as a resistance. If the pair declines, support will be provided by the lower border in the area of 1.1805, from which you can open long positions immediately for a rebound.
Description of indicators
Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9Bollinger Bands (Bollinger Bands). Period 20Non-profit speculative traders, such as individual traders, hedge funds, and large institutions that use the futures market for speculative purposes and meet certain requirements.Long non-commercial positions represent the total long open position of non-commercial traders.Short non-commercial positions represent the total short open position of non-commercial traders.Total non-commercial net position is the difference between the short and long positions of non-commercial traders.