To open long positions on EUR / USD pair, you need:
The euro has slightly strengthened its position against the US dollar in the morning after a good report from the IFO Institute, which published data on the German economy. At the moment, buyers need to break through the resistance level of 1.1324, where a test was observed during the first half of the day, which will lead to a further upward correction to the area of 1.1358 maximum, where I recommend taking profits. In the scenario of a return to the low of the day to support 1.1294, it is best to consider long positions in the EUR/USD pair on the area of 1.1269 or on the rebound from the support of 1.1247.
To open short positions on EURUSD you need:
Sellers coped with the task in the morning and did not allow the pair to rise above the resistance of 1.1324. While the trade is conducted below this range, the pressure on the euro will remain. However, the main goal will be to break through and consolidate below support 1.1294, which will lead to the formation of a new downward wave and update weekly lows in areas 1.1269 and 1.1247, where I recommend taking profits. If the growth scenario is higher than 1.1324 in the second half of the day, short positions in EUR / USD pair can only be considered on a rebound from the resistance of 1.1358 and 1.1388.
More in the video forecast for March 25
Trade is conducted in the area of 30- and 50-medium moving, which indicates the lateral nature of the market with the advantage of sellers.
In the event of a further decline in the euro, support will be provided by the lower limit of the Bollinger Bands indicator in the 1.1290 area. A breakthrough on the upper boundary of the indicator in the area of 1.1320 will lead to a new wave of growth of 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 20The material has been provided by InstaForex Company - www.instaforex.com