Last week, the EURUSD rate failed to break through the boundaries of the long range and start movement. A new upper bound for the range is formed: level 1.1425
The main event for the euro in the new week is the ECB's meeting on monetary policy on Thursday, March 7.
It will be enough for the ECB and its head Draghi to say a few words about the risk of inflation in the eurozone - and this could provide a beginning to a strong movement.
In addition, the US labor market report on Wednesday (ADP) and Friday (NonFarm Payrolls) will be important.
On Wednesday, the Fed will report on the state of the economy through the "Beige book".
We are waiting for a break in the range and take positions in the direction of movement:
Buy the euro from 1.1425.
Alternative: sell the euro from 1.1315 and then sell the European currency from 1.1230.
The material has been provided by InstaForex Company - www.instaforex.com