To open long positions on EUR / USD pair, you need:
A significant correction occurred in the area of major support level 1.1396, to which I drew attention in my morning review. Currently, the bulls are required to return to this range, which will lead to the formation of a new wave of growth with an update of the highs in the area of 1.1427 and 1.1459, where I recommend taking profits. A weak US labor market data could help the euro bulls. In case of further decline, long positions are best to return on a rebound from a minimum of 1.1361.
To open short positions on EUR / USD pair, you need:
The bears managed to break through the important support of 1.1396 from the second attempt, however, the downward trend ended there. While trading will be conducted below this range, the option of further reducing the EUR/USD pair will be maintained and the sellers' goal will be at least in the area of 1.1361, where I recommend taking profits. Under the scenario of return to resistance 1.1396, it is best to look again at short positions from the resistance of 1.1427 and best to sell the euro on a rebound from the maximum of 1.1459.
More in the video forecast for March 21
Indicator signals:
Moving averages
The bears tested the 30- and 50-day moving averages, however, only a fixation below on which will indicate a break in the upward trend.
Bollinger bands
In the event of a further decline in the euro, support will be provided by the lower limit of the Bollinger Bands indicator around 1.1373. Euro growth will be limited to the middle of the channel in the 1.1410 area.
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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