EUR/USD: plan for the European session on July 31. Inflation and unemployment in the eurozone will be ignored

To open long positions on EURUSD, you need:

The growth of the euro, which was observed yesterday in the second half of the day, even against the background of good answers on the US economy, is directly related to profit-taking before an important meeting of the Fed, at which interest rates can be lowered. Today, reports on inflation and unemployment in the eurozone are expected, which are likely to be simply ignored by markets, whatever they may come out. While trading is above the support of 1.1151, which the bulls managed to climb yesterday, the demand for the euro will remain, which can lead to an update of the resistance of 1.1183, the breakthrough of which will easily provide an upward trend to the maximum area of 1.1210, where I recommend taking the profit. If the pair returns to the support level of 1.1151 in the first half of the day, it is best to return to long positions after updating the minimum of 1.1120 or rebound from larger support of 1.1095.

To open short positions on EURUSD, you need:

Sellers of the euro need to return to the support of 1.1151, which could not be done today in the Asian session. Only a breakthrough of this level can lead to the formation of a new wave of EUR/USD decline in the area of the minimum of 1.1120, where I recommend fixing the profits in the first half of the day, since it is unlikely that the Federal Reserve System will make a larger decline before the publication of the decision. If the growth continues, the short positions can be returned to the test of a large resistance of 1.1183 or a rebound from a larger maximum of 1.1210. Weak inflation data in the eurozone will be another reason to maintain short positions on the euro in the medium term.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates market uncertainty.

Bollinger Bands

In case of a decline in the euro, support will be provided by the lower border 1.1140.

Description of indicators

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

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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