FX.co ★ Trading plan for the European session on March 5 EUR / USD

EUR / USD

To open long positions for EURUSD, you need:

It is better to expect euro purchases after a second test and a false breakdown at the level of 1.2304. If there is no support from buyers there, then long positions are best postponed until the update to a larger level of 1.2265. The break and consolidation above the level of 1.2344 in the morning will lead to the update of monthly highs in the area of 1.2404.

To open short positions for EURUSD, you need:

Only the formation of a false breakout at 1.2344 will be the first signal to open short positions in the euro with the main goal of reducing and consolidating under the intermediate support level of 1.2304. Below this level is a larger sale where an update to 1.2265 and 1.2227 can begin. This is where I recommend locking in profits. In case of growth above the level of 1.2344, the best way to sell the EUR / USD is to return on a rebound from 1.2344.

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