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Pressure on euro returned after news emerged that producer prices in Germany fell in February. However, the decline was not as large as many economists had expected, so the need for further aggressive policy from the European Central Bank remains. In addition, core inflation data from the eurozone generally pointed to higher prices. Pound also managed to hold its ground and is now heading towards the monthly high. And since there are no US reports scheduled to be released this afternoon, markets will focus on the upcoming speech by ECB President Christine Lagarde.
EUR/USD
For long positions:
Buy euro when the quote reaches 1.0697 (green line on the chart) and take profit at the price of 1.0739.
Euro can also be bought at 1.0658, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0697 and 1.0739.
For short positions:
Sell euro when the quote reaches 1.0658 (red line on the chart) and take profit at the price of 1.0595.
Euro can also be sold at 1.0697, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0658 and 1.0595.
GBP/USD
For long positions:
Buy pound when the quote reaches 1.2202 (green line on the chart) and take profit at the price of 1.2247 (thicker green line on the chart).
Pound can also be bought at 1.2181, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2202 and 1.2247.
For short positions:
Sell pound when the quote reaches 1.2181 (red line on the chart) and take profit at the price of 1.2138.
Pound can also be sold at 1.2202, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2181 and 1.2138.
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