To open long positions on EUR / USD pair, you need:
From a technical point of view, the EUR/USD pair has not changed. The data released in the first half of the day coincided with the expectations of economists, which kept the euro from a larger sale. Buyers still need to return to the resistance level of 1.1383 and fixing above which will be a signal to buy in order to update the weekly maximum of 1.1417, where I recommend taking profits. In the case of good statistics on the American economy, the results are scheduled to be released in the second half of the day. It is best to consider new long positions in EUR/USD pair after an update of the minimum at 1.1348 or to rebound from the support of 1.1317.
To open short positions on EUR / USD pair, you need:
As long as trading continues below the 1.1383 border, the pressure on EUR / USD will continue. The formation of a false breakdown on the said level in the second half of the day will be a direct signal to sell the euro to reduce to a minimum of 1.1348 and update the area of support at 1.1317, where I recommend fixing profits. Under the scenario of a re-growth of the euro above the resistance of 1.1383, it is best to consider new short positions for a rebound from the maximum of 1.1417 and 1.1459.
More in the video forecast for March 1
Indicator signals:
Moving averages
Trade remains in the region of 30- and 50-moving averages, which indicates the lateral nature of the market.
Bollinger bands
Bollinger Bands indicator volatility is very low, which does not give signals on market entry.
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 - www.instaforex.com
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