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11.10.2017 10:06 AM
Trading plan for the European session on 11 October EUR / USD and GBP / USD

EUR / USD

To open long positions on EURUSD, it is required:

Attention should be given to the level of 1.1827, since only consolidation on this level will lead to the further growth of the euro with the update at 1.1857 and the exit to 1.1886, where it is recommended to lock in profits. In case of unsuccessful growth above 1.1827, it is recommended to return to buying the euro only after the test of the large support at 1.1764.

To open short positions on EURUSD, it is required:

Sellers will try to form a false breakdown at the of level 1.1827 after updating the high of yesterday. The formation of a divergence on the MACD indicator with a return at 1.1827 will be an additional signal to increase short positions in the expectation of a decline to the intermediate support level of 1.1799, at which point the euro's decline will be temporarily stopped. The fastening at 1.1799 will lead to a quick sell-off of the euro to the area of 1.1764, where it is recommended to lock in profits today.

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GBP / USD

To open long positions on GBPUSD, it is required:

It is better to expect new purchases of the pound after consolidating above the resistance level of 1.3218. This will lead to the renewal of the significant area of 1.3260, where serious sellers of the British pound may return to the market. The main goal of buyers will be testing the level of 1.3305, where it is recommended to lock in profits. In case of a drop in the pound in the morning, you can watch purchases at a rebound of 1.3159. If there is no rapid growth from this range, then it is better to postpone long positions until updating to 1.3105.

To open short positions on GBPUSD, it is required:

While the trade is below 1.3218, there is a possibility of further decline in the British pound at the support area of 1.3159. Consolidation under this level will be a good signal to increase short positions with an exit at 1.3105. If the pound is rising above 1.3218 in the morning, returning to short positions is best after updating to 1.3260 or rebounding from 1.3305.

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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

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2024
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