12.03.201910:12 Forex Analysis & Reviews: EUR/USD: plan for the European session on March 12. The euro rests and tries to continue to grow, but there is little strength left

To open long positions on EURUSD you need:

Good US data was ignored by the market. At the moment, euro buyers ran into a new resistance level of 1.1264, a breakthrough of which will maintain an upward momentum, which will lead to a test of new highs in the area of 1.1290 and 1.1317, where I recommend taking profits. In case of a downward correction, one can also count on long positions in the support area of 1.1225, in the event of a false breakdown, as was the case yesterday, or on a rebound from a low of 1.1200.

To open short positions on EURUSD you need:

The downward trend is not yet broken. Sellers need to form a false breakdown in the area of a resistance of 1.1264, which will be the first signal to open short positions in euros in order to return to the support of 1.1225. However, the main task will be a breakthrough and consolidation below the level of 1.1225, which will lead to a larger movement of the euro down to the lows of 1.1200 and 1.1175, where I recommend taking profits. If the growth scenario is higher than 1.1264, short positions can be opened for a rebound from a high of 1.1290 and 1.1317.

Indicator signals:

Moving averages

As long as trading will be above the 30-day and 50-day moving averages, the demand for euros will continue. However, a return below the average will be an additional signal to sell.

Bollinger bands

The euro's growth could be limited by the upper limit of the Bollinger Bands indicator in the region of 1.1270, while the lower limit in the area of 1.1226 might help buyers.

Indicator description

• Moving Average (average sliding) 50 days - yellow
• Moving Average (average sliding) 30 days - green
• MACD: fast EMA 12, slow EMA 26, SMA 9
• Bollinger Bands 20