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24.03.202317:00 Forex Analysis & Reviews: Analysis and trading tips for EUR/USD and GBP/USD on March 24 (US session)

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Euro and pound fell as risk appetite dwindled due to weak economic activity in both the eurozone and the UK. But activity data from the US, which is due out this afternoon, could also disappoint, so the two currencies have the chance to see a correction.

EUR/USD

Exchange Rates 24.03.2023 analysis

For long positions:

Buy euro when the quote reaches 1.0761 (green line on the chart) and take profit at the price of 1.0829.

Euro can also be bought at 1.0721, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0761 and 1.0829.

For short positions:

Sell euro when the quote reaches 1.0721 (red line on the chart) and take profit at the price of 1.0672.

Euro can also be sold at 1.0761, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0721 and 1.0672.

GBP/USD

Exchange Rates 24.03.2023 analysis

For long positions:

Buy pound when the quote reaches 1.2223 (green line on the chart) and take profit at the price of 1.2265 (thicker green line on the chart).

Pound can also be bought at 1.2196, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2223 and 1.2265.

For short positions:

Sell pound when the quote reaches 1.2196 (red line on the chart) and take profit at the price of 1.2145.

Pound can also be sold at 1.2223, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2196 and 1.2145.

Jakub Novak
Analytical expert of InstaForex
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