05.03.202007:37 Forex Analysis & Reviews: EUR/USD: plan for the European session on March 5. Euro buyers retreat from the market, but control remains on their side

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To open long positions on EURUSD you need:

Yesterday's report on the ISM index for the US non-manufacturing sector, which showed significant growth in February this year, supported the US dollar and led to the test of an important level of 1.1097, which buyers rush to protect. I talked about long positions from the 1.1097 area in the afternoon review. Now, further movement depends on this range. As long as trading is higher, buyers will expect a return of resistance 1.1145, a breakthrough of which will lead to an upward correction to the upper boundary of the short-term side channel 1.1190, where I recommend taking profits. If the bulls miss the area of 1.1097, then it is best to look at long positions only after updating the lows 1.1041 and 1.0992.

To open short positions on EURUSD you need:

The task of sellers today is to prevent the breakout of resistance 1.1145 and the formation of a false breakout on it. An additional signal to open short positions will be a breakthrough and consolidation below support 1.1097, which throughout the week is actively protected by large buyers. A breakthrough will reverse the trend that the park will push to larger levels 1.1041 and 1.0992, where I recommend taking profits. In the scenario of a breakthrough and buyers returning 1.1145 resistance in the morning, and this is possible even amid the absence of important fundamental statistics, it is best to return to short positions only after updating the high of 1.1190, or sell EUR/USD immediately for a rebound in the region of 1.1239. But we can expect a correction of no more than 20-30 points within the day, since updating this range will return the bullish trend to the market.

Signals of indicators:

Moving averages

Trading is slightly below 30 and 50 moving averages, which indicates the likelihood that the euro will fall further.

Bollinger bands

A break of the upper boundary of the indicator in the region of 1.1155 will lead to a new wave of growth of the euro, while a break of the lower boundary in the area of 1.1110 will increase the pressure on the pair.

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

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