To open long positions on EUR/USD pair, you need:
Good indicators of industrial production in the eurozone instilled confidence in euro buyers to prepare for its breakdown after the first unsuccessful test of resistance to 1.1303, which will be a signal to buy with the aim of updating the highs around 1.1336 and 1.1405, where I recommend taking profits. In the event of a decline in the euro in the afternoon, the support level will be at the area of 1.1269 but it is best to open long positions to rebound from a minimum of 1.1238.
To open short positions on EUR / USD pair, you need:
Weak data on producer prices in the United States can completely cancel the plans of sellers. After the reports are released, only the formation of a false breakdown in the area of 1.1303 will be a signal to sell the euro in order to reduce and retest the support of 1.1269, where I recommend taking profits. Under the scenario of further growth in EUR/USD, it is best to rely on short positions to rebound from a maximum of 1.1336 and 1.1368.
More details in the video forecast for March 13
Indicator signals:
Moving averages
Trade remains above the 30- and 50-medium moving, which indicates the advantage of buyers.
Bollinger bands
The break of the upper border of the Bollinger Bands indicator in the area of 1.1303 will lead to a new wave of euro growth.
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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