EUR/USD: plan for the European session on March 7. The ECB announces LTRO program

To open long positions on EURUSD you need:

The market situation has not changed ahead of an important meeting of the European Central Bank, at which it can announce the launch of the LTRO refinancing program. At the moment, the main task of the bulls is to return to the resistance of 1.1311, consolidating on which can lead to an upward correction in the area of 1.1337 and 1.1368, where I recommend taking profits. If the ECB reveals the details of the refinancing program, the pressure on the euro may increase. In this scenario, it is best to expect to open long positions on the rebound from the support of 1.1279 and 1.1257.

To open short positions on EURUSD you need:

Despite the fact that the downward trend in the euro gradually slows down while trading is below 1.1311, the pressure on the pair will continue, and failure to consolidate at this level in the first half of the day will be a direct signal for further selling of the euro in order to update support for 1.1279 and 1.1257, where I recommend to lock in profits. In case of growth above 1.1311, you can count on short positions immediately on the rebound from the resistance of 1.1337, and it is better to sell on the rebound from a high of 1.1368.

Indicator signals:

Moving averages

Trade is conducted in the area of 30-day and 50-day moving averages, which indicates market uncertainty.

Bollinger bands

Bollinger Bands indicator volatility is very low, which does not give signals on market entry.

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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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