EUR / USD plan for the US session on March 5. Euro managed to hold the position after release of the PMI indices
To open long positions on EUR / USD pair, you need:
Buyers of the European currency managed to keep around the lows of yesterday, gradually building a good position to breakdown the resistance level of 1.1337. Good reports on the PMI indexes, which came out in the first half of the day, may contribute to the further growth of the pair. A fixation above the level of 1.1337 will lead to an upward EUR/USD trend in the region of the maximum at 1.1368, where I recommend taking profits. In case of a decline in the second half of the day, it is best to consider new long positions after a test of new lows around 1.1300 and 1.1279.
To open short positions on EUR / USD pair, you need:
Good fundamental data for the euro area has limited pressure on the euro. However, in the second half of the day, reports are expected on the American economy, which may return the demand for the US dollar. The next formation of a false breakdown in the area of resistance at 1.1337 may lead to a new wave of sales of the European currency and update of the minima in the area of 1.1300 and 1.1279, where I recommend taking profits. In case of growth above 1.1337, the short positions can be safely returned to the rebound from the large resistance of 1.1368, where the bears will try to build the upper limit of the downward channel.
More in the video forecast for March 5
Trade remains below the 30- and 50-medium moving, indicating a bearish nature of the market.
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 20The material has been provided by InstaForex Company - www.instaforex.com