To open long positions on EUR / USD pair, you need:
If in the first half of the day, buyers of the European currency manages to keep above the support of 1.1240 and even attempted to resume an upward correction, then a weak inflation report led to a breakdown of this level. At the moment, it is best to consider long positions in the euro after updating the support of 1.1208 or buy on a rebound from a new low of 1.1176. The main task will be to return and consolidation above the resistance of 1.1240 from where we can expect growth in the area of 1.1269.
To open short positions on EUR / USD pair, you need:
Traders ignored the weak report on US GDP for the 4th quarter, as it did not become news to anyone. While the trade is conducted below the range of 1.1240, the pressure on the euro will continue and the purpose of the bears will be a around the minimum levels of 1.1208 and 1.1176, where I recommend taking profits. When the scenario of the EUR/USD pair returns to the resistance level of 1.1240 in the second half of the day, it is best to consider short positions on a rebound from the maximum of 1.1269 and 1.1294.
More in the video forecast for March 28
Trade is conducted below the 30- and 50-medium moving, which indicates the preservation of the bearish nature of the market.
In the case of an upward correction, the upper limit of the Bollinger Bands indicator in the area of 1.1269 will act as resistance.
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