05.03.202014:02 Forex Analysis & Reviews: EUR/USD: plan for the US session on March 5. Buyers of the euro returned resistance to 1.1145, however, further growth may be difficult

To open long positions on EURUSD, you need:

In my morning review, I drew attention to the lack of important fundamental statistics, which allowed buyers of the euro to regain the resistance of 1.1145. However, a more important task for the North American session will be to break through and consolidate above the resistance of 1.1190, which will open a direct road to the highs of 1.1239 and 1.1263, where I recommend fixing the profits. This will also indicate in favor of continuing the upward trend. Data on the US labor market may support the dollar, which will again return EUR/USD to the level of 1.1145. In this scenario, it is best to postpone new long positions until a false breakdown of the level of 1.1097 or buy for a rebound immediately from the lows of 1.1041 and 1.0992.

To open short positions on EURUSD, you need:

Sellers of the euro did not fight for the middle of the channel of 1.1145 and retreated from it at the first attempt to breakthrough. At the moment, the focus has shifted to reports on the number of initial applications for unemployment benefits in the United States and data on the volume of production orders. Good indicators will return EUR/USD to the support of 1.1145, which will increase the pressure on the pair and lead to an update of the lower border of the side channel of 1.1097, where I recommend fixing the profits. An equally important task for sellers will be to hold the resistance at 1.1190 and only the formation of a false breakdown there will be a signal to open short positions. Otherwise, it is best to sell EUR/USD on a rebound from the new highs of 1.1239 and 1.1263, but only with the aim of correcting no more than 20-30 points inside the day, since the breakout of 1.1190 forms a new upward channel.

Signals of indicators:

Moving averages

Trading is just above the 30 and 50 moving averages, which indicates a possible return of the bullish market.

Bollinger Bands

A break in the upper limit of the indicator at 1.1180 may lead to an increase in the euro.

Description of indicators

• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
• MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
• Bollinger Bands (Bollinger Bands). Period 20