29.03.202312:59 Forex Analysis & Reviews: Analysis and trading tips for EUR/USD and GBP/USD on March 29 (US session)

The completely empty macroeconomic calendar of the eurozone kept EUR/USD up this morning. GBP/USD also traded upwards, as traders reacted positively to the Bank of England minutes, which indicated that the central bank intends to continue its fight against the cost of living crisis and high inflation.

There is US data on home sales in the afternoon and a speech from FOMC member Michael Barr. Both could prompt a rise in dollar, unless markets do not react at all to the reports. In the case of the latter, risk appetite will surge, which will lead to euro and pound hitting new monthly highs.

EUR/USD

For long positions:

Buy euro when the quote reaches 1.0864 (green line on the chart) and take profit at the price of 1.0896.

Euro can also be bought at 1.0841, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0864 and 1.0896.

For short positions:

Sell euro when the quote reaches 1.0841 (red line on the chart) and take profit at the price of 1.0807.

Euro can also be sold at 1.0864, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0841 and 1.0807.

GBP/USD

For long positions:

Buy pound when the quote reaches 1.2356 (green line on the chart) and take profit at the price of 1.2404 (thicker green line on the chart).

Pound can also be bought at 1.2324, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2356 and 1.2404.

For short positions:

Sell pound when the quote reaches 1.2324 (red line on the chart) and take profit at the price of 1.2279.

Pound can also be sold at 1.2356, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2324 and 1.2279.