To open long positions on EUR / USD pair, you need:
Weak data on producer prices in the eurozone did not allow the euro to even return to the resistance level of 1.1212. For the second half of the day, the target of the bulls remains to this range and a breakthrough will lead to the formation of a new upward correction with testing of the upper boundary of the past side channel in the area of 1.1244, where I recommend taking profits. With the scenario of further reduction of the euro with the trend, it is best to look closely at long positions in EUR/USD after updating the lows of 1.1176 and 1.1149.
To open short positions on EUR / USD pair, you need:
The bears made an attempt to update at least this month but the downward trend did not receive support even against the background of weak data for the eurozone. However, as long as trading is conducted below the resistance of 1.1212, the pressure on the euro will continue and the formation of a false breakdown at this level will be a good signal for opening short positions. The main purpose of the bears are the lows near 1.1176 and 1.1149, where I recommend taking profits. With the scenario of returning EUR/USD back to the side channel of 1.1212-1.1244, it is best to return to short positions from its upper limit or sell for a rebound from a maximum of 1.1269.
More in the video forecast for April 2
Trade is conducted below the 30- and 50-medium moving, which indicates the bearish nature of the market.
Bollinger Bands indicator volatility is very low, which does not give signals on market entry.
Description of indicators
MA (moving average) 50 days - yellow
MA (moving average) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9The material has been provided by InstaForex Company - www.instaforex.com