To open long positions on EUR / USD pair, you need:
The euro has slightly strengthened its position against the US dollar in the first half of the day after the speech of the European Central Bank President Mario Draghi, who once again focused on the sufficiency of tools to support the growth of the eurozone economy. At the moment, buyers need to break through the resistance level of 1.1289, which was not possible in the first half of the day. Its breakthrough will lead to a further upward correction to the highs of 1.1324 and 1.1358, where I recommend taking profits. If in case the EUR/USD pair returned to the minimum area for the day to support 1.1251, it is best to consider long positions after the update 1.1224 or on the rebound from support 1.1198.
To open short positions on EUR / USD pair, you need:
Sellers coped with the task in the morning and did not allow the pair to rise above the resistance of 1.1289. The pressure on the euro will remain as long as the trade is conducted below this range but the main goal will be to break through and consolidate below support for 1.1251, which will lead to the formation of a new downward wave and update weekly lows in the 1.1224 and 1.1198 areas, where I recommend taking profits. If the growth scenario is higher than 1.1289 in the second half of the day, short positions in EUR/USD can only be considered for a rebound from resistances 1.1324 and 1.1358.
More in the video forecast for March 27
Indicator signals:
Moving averages
Trade is conducted below the 30- and 50-medium moving, which indicates the preservation of the bearish nature of the market.
Bollinger bands
The break at the lower border of the Bollinger Bands indicator in the area of 1.1251 will lead to a new wave of sales of the European currency. On the other hand, a break at the upper border of the indicator in the area of 1.1289 will support the euro.
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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