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To open long positions on EURUSD requires:
today the Buyers of the Euro attempted to continue the growth of the good report on producer prices in Germany, but to gain a foothold above the resistance 1.1355 and failed. In the second half of day all attention will be focused on the protocols of the fed, but the bulls still need a breakout and consolidation above the resistance 1.1355, which will lead to a larger upward correction is already in the district high of 1.1394 and 1.1432 where I recommend to take profit. In the case of reduction of EUR/USD, to open long positions on condition of formation of a false breakout near the support at 1.1319, which concentrated and moving averages are either on the rebound from the low of 1.1279, where you can see the lower border of the rising price channel.
To open short positions on EURUSD requires:
sellers of the Euro today formed a false breakout, which I had noticed in the morning forecast, and yet will trade below the resistance 1.1355, you can count on further decline in EUR/USD support area 1.1319 where I recommend to take profit. In case of fixation below this level, the pressure on the EUR/USD could increase significantly, which will return the pair to the lower border of the rising channel and will update low of 1.1279. In a scenario of further upward correction and breakthrough 1.1355 after fed, Euro is a sell on rebound from the high of 1.1394.
the Details in this video forecast on February 20
, moving Averages
Trade remains above the 30 - and 50-moving averages, indicating a bullish strength at the market.
In the case of upward correction, growth will be limited by the upper border of the Bollinger Bands in the area 1.1355, and a break of this level will be a good signal for buying.
the description of the indicators
MA (moving average) 50 days – yellow MA (moving average) 30 days – green MACD: fast EMA 12, slow EMA 26, 9 SMA Bollinger Bands 20 the Material has been provided by InstaForex company - www.instaforex.com
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