EUR/USD: plan for the European session on March 29. All attention to significant data on eurozone countries
To open long positions on EURUSD you need:
The euro has failed to recover from weak German data, which came out yesterday towards the afternoon. To date, it is best to look closely at long positions in the euro after updating support for 1.1208 or to buy for a rebound from the new low of 1.1176. The main task will be to return and consolidate above the resistance of 1.1240, from where we can expect growth in the area of 1.1269, where I recommend to take profits.
To open short positions on EURUSD you need:
The next series of weak data for Germany, Italy and Spain may return sellers of the European currency to the market. While 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 low around 1.1208 and 1.1176, where I recommend taking profits. When scenarios return EUR/USD to the resistance level of 1.1240 in the first half of the day, it is best to consider short positions on a rebound from a low of 1.1269 and 1.1294.
Trade is conducted below the 30-day and 50-day moving averages, which indicates the bearish nature of the market.
A break of the upper border of the Bollinger Bands indicator around 1.1240 may lead to an upward correction in the euro. The breakthrough of the lower border in the area of 1.1208 will lead to a new wave of the euro's decline.
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