EUR / USD pair: plan for the US session on November 6. Only the election results wake up the market
To open long positions on EUR / USD you need:
Apparently, traders do not take the risk before the results of the midterm elections to the US Congress, which leaves the market balance of buyers and sellers. In the first half of the day, it was not possible to get above the level of 1.1417. Now, the main goal is the maximum around 1.1425. Only its breakdown with consolidation above will form a new upward trend in the EUR / USD pair, which will lead to an update of the maximum of 1.1473 and 1.1516, where taking profits are recommended. In the event of a euro decline in the second half of the day, it is best to consider long positions to rebound from a minimum of 1.1355, or after the formation of a false breakdown in the support area of 1.1389.
To open short positions on EUR / USD pair, you need:
The market is on the side of sellers, as they managed to form a false breakdown in the area of resistance at 1.1417, which I paid attention in my morning review. At the moment, the task of the bears is to break through the support of 1.1389, which will lead to a larger sale of EUR/USD pair to test the weekly minimum of 1.1355, where taking profits are recommended. However, the main target is the area of support at 1.1309, which is located near the low of last month. In the case of growth above 1.1425, you can count on sales only after updating the maximum of 1.1473.
Trade is conducted on the same level with the 30- and 50-day average, which indicates the lateral nature of the market.
The volatility of the Bollinger Bands indicator is very low, which does not give signals to enter the market.
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