FX.co ★ Trading plan for the European session on November 7 EUR / USD and GBP / USD

EUR / USD

To open long positions on EURUSD, it is required:

Buying the euro is best after the return and consolidation at the level of 1.1615. This will lead to a larger upward correction to the area of 1.1655 with an exit at 1.1687, where it is recommended to lock in profits. In case of a further decline in the euro, buying from 1.1581 is best when forming a false breakout there. Opening new long positions is better on a rebound from the area of 1.1544.

To open short positions on EURUSD, it is required:

The fastening below 1.1581 will lead to a quick sellout of the euro to the area of 1.1544 and a further decline to a larger support of 1.1513, where it is recommended to lock in profits. Forming a false breakout and returning to the resistance level at 1.1615 will also be an additional signal to sell the euro. In case of growth above the level of 1.1615, it is recommended to pay attention to short positions only after updating to 1.1655 or on a rebound from 1.1687.

GBP / USD

To open long positions on GBP / USD, it is required:

Buying the pound may be resumed after updating to the support level of 1.3137, with the main goal of returning and consolidating above 1.3169. This will open up to a new upward wave and a test at the level of 1.3204, where it is recommended to lock in profits. In the absence of a rapid increase from buying at the level of 1.3137, it is recommended to postpone buying until the update to 1.3101.

To open short positions on GBP / USD, it is required:

The fastening below 1.3137 will lead to an instant sell-off of the British pound and an update of 1.3101, where it is recommended to lock in profits. In case of growth in the pound in the first half of the day above 1.3169, selling is best after a rebound from 1.3204.

Indicator description

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20