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17.08.2017 01:31 AM
Trading plan for the European session on August 16 EUR / USD and GBP / USD

EUR/USD

To open long positions on EURUSD, it is required:

Today, the Fed's minutes will be published, on which the further strengthening of the US dollar will depend. As for the buying of the euro, consolidating to 1.1749 could lead to a larger upward trend with an update of 1.1789, where it is recommended to lock in profits. In case of an unsuccessful consolidation above 1.1749, the first buying can be seen after a decline to the area of 1.1718, or postpone long positions in the euro until the major support of 1.1689 is updated.

To open short positions on EURUSD, it is required:

The sellers will try to create a false breakdown at level 1.1749, a return to which will be a good signal for the opening of short positions in euros for the purpose of updating to 1.1718. Consolidation below this level will lead to the EUR/USD pair declining to the support area of 1.1689, where it is recommended to lock in profits. If the euro rises above 1.1749, it is best to postpone selling to 1.1770 or on a rebound from 1.1789.

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GBP/USD

To open long positions on GBPUSD, it is required:

Buyers return to the market after forming a false breakdown of 1.2850, or after updating yesterday's low with a divergence to the MACD. In the case of such a scenario, a return to 1.2850 will be an additional signal to increase long positions with the purpose of updating to 1.2900, where it is recommended to record profits. In the case of a larger pound drop in the trend, it is best to return to buying after upgrading to 1.2817, or on a rebound from 1.2761.

To open short positions on GBPUSD, it is required:

Sellers will try to form a false breakdown at 1.2900, and a return to this level will be an additional signal to increase short positions to reduce to 1.2850 and consolidate below, which will lead to new selling already in the area of lows of 1.2817 and 1.2761. If the pound rises above 1.2900 in the morning, in considering new short positions, the best are on a rebound from 1.2954.

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Fears 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
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