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21.03.2023 01:17 PM
Analysis and trading tips for EUR/USD and GBP/USD on March 21 (US session)

Euro rose this morning despite weaker-than-expected data from the ZEW Institute. This suggests that yesterday's statements of ECB President Christine Lagarde continue to have a positive effect on buyers, who are aiming for a new monthly high. Pound has been less fortunate, but even there, bulls are gradually picking up after a significant correction.

The US secondary market home sales data is due out this afternoon, which may put even more pressure on dollar, especially ahead of tomorrow's Federal Reserve meeting.

EUR/USD

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For long positions:

Buy euro when the quote reaches 1.0770 (green line on the chart) and take profit at the price of 1.0804.

Euro can also be bought at 1.0741, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0770 and 1.0804.

For short positions:

Sell euro when the quote reaches 1.0741 (red line on the chart) and take profit at the price of 1.0706.

Euro can also be sold at 1.0770, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0741 and 1.0706.

GBP/USD

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For long positions:

Buy pound when the quote reaches 1.2259 (green line on the chart) and take profit at the price of 1.2297 (thicker green line on the chart).

Pound can also be bought at 1.2228, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2259 and 1.2297.

For short positions:

Sell pound when the quote reaches 1.2228 (red line on the chart) and take profit at the price of 1.2188.

Pound can also be sold at 1.2259, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2228 and 1.2188.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2024
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