FX.co ★ Trading Plan for the EUR/USD and GBP/USD on European session 11 July

EUR / USD

To open a long position on EURUSD, it is required:

Today, the 1.1381 level is relevant. If bulls successfully held the region above, you can rely on new purchases to restore the area of 1.1407. A consolidation at this area will be a positive signal to an increase in long positions to further advance towards the 1.1437 resistance area and reach a new monthly high in the 1.1464 range. If the breakdown occurs at 1.1381, it is recommended to postpone the purchase of 1.1349 level or even lower with a false breakdown since it will immediately bounce back from the 1.1324 support.

To open short position on EURUSD, it is required:

You can sell after it failed to consolidate and return to the 1.1407 level or to the 1.1437 resistance with a higher short stop. A breakout from this level would lead this price towards the 1.1464 where euro can be sold immediately for a rebound. Breakdown and consolidation below this level of 1.1381, signal an increase in short positions for the euro to advance towards the 1.1349 and 1.1324.

GBP / USD

For opening long positions on GBP/USD, it is required:

Once again, the pound is in the middle of the side channel. Buyers are expected to return to the market as to how it was previously after failing to consolidate and restore the 1.2862 level or a rebound from a major support level of 1.2819. Long positions are targeted to consolidate above the 1.2903 level which opens for new purchases of the pound to the 1.2953 area.

For opening short positions on GBP/USD, it is required:

Today, sellers will push the pair to move below the 1.2862 support level as it consolidates below that is a direct signal to sell the pound in the range of 1.2819 and 1.2761.

Fears in indicators

• MA (moving average) 50 days - yellow
• MA (moving average) 30 days - green
• MACD: a fast EMA 12, Slow EMA 26, SMA 9
• Bollinger Bands 20