To open long positions on EURUSD you need:

On Friday, a series of weak reports on the eurozone economy led to the euro's decline. At the moment, buyers need to stay above support at 1.1294, and the formation of a false breakdown there will be a signal to open long positions in order to increase towards the area of 1.1324 and 1.1358, where I recommend taking profits. In case the EUR/USD declines due to reports from IFO for Germany, it is best to return to long positions after updating the previous week's low to the area of 1.1269 or to rebound from the support of 11247.

To open short positions on EURUSD you need:

Sellers will try to prevent the pair from rising above the resistance of 1.1324, and the formation of a false breakout there will be a signal to sell the euro with a trend to break through and consolidate below the support of 1.1294, which will lead to forming a new downward wave and an update of the week lows in the area of 1.1269 and 1.1247, where I recommend taking profits. If the IFO reports are better than expected, short positions in EUR/USD can only be considered for a rebound from resistances of 1.1258 and 1.1388.

Indicator signals:

Moving averages

Trade is conducted below the 30-day and 50-day moving average, which indicates the formation of a bearish trend in the market, and failure to consolidate above the moving average in the first half of the day will be a signal to sell the euro.

Bollinger bands

The euro's growth is limited by the upper limit of the Bollinger Bands indicator in the area of 1.1315, while the lower limit of the indicator in the area of 1.1280 may limit the downward correction.

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