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02.03.202110:39 Forex Analysis & Reviews: Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on March 2

Analysis of transactions in the EUR / USD pair

Although the euro continued to trade downwards yesterday, the sell signal that appeared at 1.2062 had to be ignored because during that time, the MACD line was in the oversold zone, which limited the downward potential of the pair. No other trading signal was formed the rest of the day.

Exchange Rates 02.03.2021 analysis

Trading recommendations for March 2

Strong data from the US led to a sharp drop in EUR / USD. And today, this situation will most likely continue, since representatives from the European Central Bank and Federal Reserve will speak, which could further strengthen the position of the US dollar. But good reports from Germany and the Euro area could provide support to the euro, albeit just a little.

For long positions:

Buy the euro when the quote reaches 1.2042 (green line on the chart), and then take profit around the level of 1.2101. EUR / USD will trade upwards if reports from Germany and the Euro area turn out to be better than expected. However, a strong upward move should not be expected because the trend in the market is actually bearish. That said, it is not really the best idea to trade against the trend.

Keep in mind that before buying, the MACD line should be above zero and is starting to rise from it.

For short positions:

Sell the euro after the quote reaches 1.2010 (red line on the chart), and then take profit at the level of 1.1940. Pressure on the euro will continue if Treasury yields in the US increase further. Poor data in the EU will also push prices even lower.

But of course, before selling, it is important to make sure that the MACD line is below zero and is starting to move down from it.

Exchange Rates 02.03.2021 analysis

What's on the chart:

The thin green line is the key level at which you can place long positions in the EUR / USD pair.

The thick green line is the target price, since the quote is unlikely to move above this level.

The thin red line is the level at which you can place short positions in the EUR / USD pair.

The thick red line is the target price, since the quote is unlikely to move below this level.

MACD line - when entering the market, it is important to be guided by the overbought and oversold zones.

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.

Analysis of transactions in the GBP / USD pair

A sell signal appeared in the market yesterday, and it fortunately brought approximately 33 pips of profit to pound bears. In fact, the break below 1.3959 coincided with the movement of the MACD line into the negative zone, thereby confirming the correctness of the signal.

As for today, GBP / USD is expected to continue trading downwards, especially since demand for the US dollar keeps on increasing.

Exchange Rates 02.03.2021 analysis

Trading recommendations for March 2

Data on UK Manufacturing did not surprise traders. In fact, pound bulls even tried to reverse the downward trend. But in the afternoon, pressure still returned to GBP / USD.

As for today, a number of Fed representatives are scheduled to speak, which may provide strong support to the US dollar. At the same time, UK Finance Minister Rishi Sunak will present the country's budget plan for this year.

For long positions:

Buy the pound when the quote reaches 1.3902 (green line on the chart), and then take profit at the level of 1.3996 (thicker green line on the chart). GBP / USD might grow tomorrow amid new measures to support the labor market.

Keep in mind that before buying, make sure that the MACD line is above zero and is starting to rise from it.

For short positions:

Sell the pound after the quote reaches 1.3850 (red line on the chart), and then take profit at the level of 1.3794. Statements from Fed representatives may strengthen the position of the US dollar and accordingly lead to a sharp drop in GBP / USD.

Keep in mind that before selling, make sure that the MACD line is below zero and is starting to move down from it.

Exchange Rates 02.03.2021 analysis

What's on the chart:

The thin green line is the key level at which you can place long positions in the GBP/USD pair.

The thick green line is the target price, since the quote is unlikely to move above this level.

The thin red line is the level at which you can place short positions in the GBP/USD pair.

The thick red line is the target price, since the quote is unlikely to move below this level.

MACD line - when entering the market, it is important to be guided by the overbought and oversold zones.

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

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