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Euro and pound bounced back from the weekly lows as pressure on risky assets eased earlier, thanks for expectations of more aggressive interest rate hikes from the European Central Bank and Bank of England. The news was revealed today by representatives of these central banks; however, there are still plenty of reasons to buy dollar during the US session. Positive development in long term goods orders and a similarly good increase in pending home sales will allow sellers of risky assets to prove themselves. And while an upward correction in EUR and GBP may be expected, a fall in both currencies should be considered by the end of the day.
EUR/USD
For long positions:
Buy euro when the quote reaches 1.0570 (green line on the chart) and take profit at the price of 1.0594.
Euro can also be bought at 1.0549, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0570 and 1.0594.
For short positions:
Sell euro when the quote reaches 1.0549 (red line on the chart) and take profit at the price of 1.0525.
Euro can also be sold at 1.0570, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0549 and 1.0525.
GBP/USD
For long positions:
Buy pound when the quote reaches 1.2000 (green line on the chart) and take profit at the price of 1.2057 (thicker green line on the chart).
Pound can also be bought at 1.1954, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2000 and 1.2057.
For short positions:
Sell pound when the quote reaches 1.1954 (red line on the chart) and take profit at the price of 1.1895.
Pound can also be sold at 1.2000, but the MACD line should be in the overbought area as only by that will the market reverse to 1.1954 and 1.1895.
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