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To open long positions on EUR/USD:
The EUR/USD pair slightly changed amid the eurozone composite PMI for February and retail sales data. Sellers are expected to open deals from the level of 1.1190. Euro buyers are targeted to keep the price above the support level of 1.1142. At the moment, there is no activity in this area. As a result, the pair can fall further. Major players are likely to enter the market after the price reaches the lows of 1.1097 and 1.1041. The ISM Non-Manufacturing PMI for the US is expected later today. If the activity is weak, the EUR/USD pair is likely to rise to the resistance level of 1.1190. It is preferable to take profit if the pair reaches the highs of 1.1239 and 1.1263.
To open short positions on EUR/USD:
Sellers were active from the level of 1.1190. This is the level that I was talking about earlier. Bears are targeted to maintain the price lower the support level of 1.1142. The price has almost reached the target. The EUR/USD pair is expected to fall, break through the lower border of the current ascending channel, and test the lows of 1.1097 and 1.1041. This is the level where you can take profit. If the euro reaches the morning high of 1.1190, it is preferable to open Short positions when the pair gets to the resistance level of 1.1239. However, it is better to sell the EUR/USD pair on the rebound from a high of 1.1263.
Signals of indicators:
Moving averages
Trading is above 30 and 50 moving averages which limit the downward correction in the pair.
Bollinger Bands
If the price breaks through the lower border of the indicator at 1.1142, pressure on the euro is likely to increase. Growth is expected to be limited by the upper level of the indicator at 1.1190.
Description of indicators
Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The line is marked in yellow.
Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The line is marked in green.
MACD indicator (Moving Average Convergence/Divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
Bollinger Bands. Period 20
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