EUR / USD plan for the European session on March 5. Euro sales may slow down

To open long positions on EUR / USD pair, you need:

Buyers will focus on the return and consolidation above the resistance level of 1.1342, which will lead to a larger upward correction to the maximum area of 1.1369, where I recommend taking profits. In the case of a further decline against the background of weak data on PMI indices of the eurozone countries, long positions can be viewed on the rebound from the support of 1.1304 and 1.1279. If these minima fall to the area, it is important to pay attention to the possible divergence on the MACD indicator, which will be an additional signal to buy.

To open short positions on EUR / USD pair, you need:

The pressure on the euro is slowing down. After yesterday’s renewal of large support, which previously acted as the lower boundary of the side channel, buyers gradually began to return to the market. Currently, the bears are required to form a false breakdown in the area of resistance at 1.1342, which will be the first sales signal that will lead EUR / USD to levels 1.1304 and 1.1279, where I recommend taking profits. In the case of growth above 1.1342, you can immediately sell to rebound from a maximum of 1.1369.

More details about the forecast can be found in the video review.

Indicator signals:

Moving averages

Trading below the 30- and 50-day moving averages, which indicates the advantage of euro sellers.

Bollinger bands

Volatility has fallen sharply and a breakthrough of the upper limit of the Bollinger Bands indicator in the 1.1342 area may lead to a larger increase in the euro within a day.

Description of indicators

MA (moving average) 50 days – yellow

MA (moving average) 30 days – green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

The material has been provided by InstaForex Company – www.instaforex.com

Source:: EUR / USD plan for the European session on March 5. Euro sales may slow down