To open long positions on EUR / USD pair, you need:
In the morning, trading was conducted on the side channel, which leaves the technical picture unchanged. The main task for the bulls is to return to the resistance of 1.1310, fixing on which can lead to an upward correction in the area of 1.1337, where I recommend fixing the profit. In the afternoon, a report on the US labor market is expected, which could lead to a decrease in EUR / USD. In this scenario, it is best to expect to open long positions on the rebound from the support of 1.1279 and 1.1257.
To open short positions on EUR / USD pair, you need:
Despite the fact that the downward trend in the euro is gradually slowing down while trading is below 1.1310, the pressure on the pair will continue and an unsuccessful consolidation at this level in the afternoon will be a direct signal for the further sale of the euro in order to update support 1.1279 and 1.1257, where I recommend take profits. In the case of growth above 1.1310, you can count on short positions immediately on the rebound from the resistance of 1.1337.
More in the video forecast for March 6
Indicator signals:
Moving averages
Trade remains below the 30- and 50-medium moving, indicating a bearish nature of the market.
Bollinger bands
Volatility is very low, which does not give signals for entering the market.
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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