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Growth in euro is slowing as buying activity started to weaken after the pair updated the March high. In addition, yesterday's momentum could very quickly turn into a smooth decline today, especially after economic reports from the US come out. A decline in initial jobless claims and a rise in primary market housing sales will be enough to put pressure on the pair.
On pound, market players await the Bank of England's monetary policy decision, so the chances of seeing new gains are quite high. It is better to wait for the bank's comments, and in case of a break of the monthly highs, open a buy position, hoping for a continuation of the upward trend.
EUR/USD
For long positions:
Buy euro when the quote reaches 1.0902 (green line on the chart) and take profit at the price of 1.0945.
Euro can also be bought at 1.0860, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0902 and 1.0945.
For short positions:
Sell euro when the quote reaches 1.0860 (red line on the chart) and take profit at the price of 1.0813.
Euro can also be sold at 1.0902, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0860 and 1.0813.
GBP/USD
For long positions:
Buy pound when the quote reaches 1.2323 (green line on the chart) and take profit at the price of 1.2376 (thicker green line on the chart).
Pound can also be bought at 1.2286, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2323 and 1.2376.
For short positions:
Sell pound when the quote reaches 1.2286 (red line on the chart) and take profit at the price of 1.2235.
Pound can also be sold at 1.2323, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2286 and 1.2235.
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