EUR/USD: plan for the European session on March 20. Traders are waiting for new signals from the US Federal Reserve

To open long positions on EURUSD you need:

The technical picture in the pair has not changed. It is best to return to long positions after a false breakdown in the support area of 1.1337, but it is best to buy the euro from lows around 1.1301 and 1.1278. The main goal of the bulls will be a breakthrough and consolidation above the resistance of 1.1370, which will lead to an update of a high of 1.1407 and 1.1459, where I recommend to lock in the profit. Good data for Germany, which will be released in the first half of the day, will be able to maintain the euro's upward trend.

To open short positions on EURUSD you need:

Sellers will emerge after an upward correction to a strong resistance level of 1.1370, but the main task will be to return and consolidate below a support of 1.1337, which will lead to sharper selling of the EUR/USD in order to update lows around 1.1301 and 1.1278. Weak German data can support bears. In case the euro is not under pressure in the area of a resistance of 1.1370, short positions can be returned immediately to rebound from a high of 1.1407.

Indicator signals:

Moving averages

Trade has moved to the area of 30-day and 50-day moving averages, which indicates the lateral nature of the market ahead of the release of important data.

Bollinger bands

Bollinger Bands indicator volatility is very low, which does not provide signals on entering the market.

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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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