24.03.202014:05 Forex Analysis & Reviews: EUR/USD: plan for the US session on March 24. Bulls ignore the failed eurozone composite PMI and push the euro further up

To open long positions on EURUSD, you need:

In the morning forecast, I drew attention to the likelihood of continued growth of the euro and sales from the resistance of 1.0884, which the bears took advantage of, which is clearly visible on the 5-minute chart. However, even weak reports on a sharp decline in production activity, and especially in the eurozone services sector, did not discourage traders from building long positions, which remains a fairly high probability of continued growth of the euro in the short term. In the second half of the day, the bulls will focus on the resistance of 1.0884, whose breakout will lead to a new upward trend that can reach the highs of 1.0930 and 1.0975, where I recommend fixing the profits. In the scenario of a decline in the euro, it is best to return to long positions only on a false breakout from the minimum of 1.0817 or buy immediately on a rebound from the support of 1.0727, the test of which will be a turning point for the current correction of the pair.

To open short positions on EURUSD, you need:

Bears will actively defend the resistance of 1.0884, from which sales were clearly visible on the 5-minute chart in the first half of the day. However, ignoring weak fundamental statistics on the euro area gives little confidence that the pressure on the euro will continue. Therefore, if the pair returns to the level of 1.0884, I recommend that you stop selling until the test of the larger highs of 1.0930 and 1.0975. An equally important task for the bears in the second half of the day will be to return the pair to the support level of 1.0817, fixing below which will lead to the demolition of a number of stop orders and a larger movement of the euro down to the lows of 1.0727 and 1.0636, where I recommend fixing the profits.

Signals of indicators:

Moving averages

Trading is conducted above 30 and 50 moving averages, which also keeps the probability of continuing the upward correction of the pair in the short term.

Bollinger Bands

In the scenario of a decline in the euro in the second half of the day, you can look at purchases on a false breakout from the average border of the indicator 1.0780, or on a rebound from the lower border in the area of 1.0710.

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