To open long positions on EUR / USD pair, you need:
The technical picture of the EUR/USD pair remains unchanged compared to the morning forecast, except for the fact that the pair tried to break above the upper limit of the side channel once again but the attempt was unsuccessful. A breakout and consolidation above the resistance of 1.1367 are still required, which will lead to a larger upward correction already in the area of maximum 1.1394 and 1.1432, where I recommend taking profits. In the event of a EUR/USD decline, long positions can be opened on the condition that a false breakdown is formed in the support area of 1.1324 or on a rebound from a minimum of 1.1279.
To open short positions on EUR / USD pair, you need:
The absence of important fundamental statistics helps the euro but for today, all attention will be focused on the speech of Fed Chairman Jarom Powell before the Congress. Just like yesterday, the sellers still formed a false breakdown at the level of 1.1367 and counting on a downward correction to the support area of 1.1324, where I recommend taking profits. The main goal remains to be the breakdown to the lower boundary of the side channel and a decline to the area of 1.1279 minimum. However, this movement will depend on the prospects of the US economy that will be outlined by the Fed Chairman today. With the option of a further upward correction and a break of 1.1367, the euro can be sold for a rebound from the maximum of 1.1394 and 1.1432.
More in the video forecast for February 26
Indicator signals:
Moving averages
Trade remains in the region of 30- and 50-moving averages, which indicates the lateral nature of the market.
Bollinger bands
Bollinger Bands indicator volatility is very low, which does not give signals on market entry.
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