FX.co ★ EUR / USD plan for the US session on March 7. Traders are waiting for statements from the European Central Bank

To open long positions on EUR / USD pair, you need:

Given the low volatility of the market, trade has moved to a narrow side of the channel at 1.1290-1.1323. Today, it is best to return to the euro after the press conference of the President of the European Central Bank, Mario Draghi, which may coincide with a breakthrough and fixing of the EUR/USD pair above the resistance of 1.1323 and lead to a break in the downtrend and update highs around 1.1345 and 1.1368, where I recommend fixing the profit. In the case of a decline during the speech of the head of the ECB, it is best to return to long positions on a false breakdown in the region of 1.1290 or to rebound from the lows of 1.1263 and 1.1235.

To open short positions on EUR / USD pair, you need:

Bears need to rely on the formation of a false breakdown in the area of 1.1323, as well as on the specifics of the LTRO program. The launch of which may cause the euro to weaken in the short term and the main task of sellers will be a breakthrough and fixation below the resistance of 1.1290, which will lead to an update of the minima in the area of 1.1263 and 1.1235, where I recommend taking profits. In the case of euro growth at the speech of Mario Draghi, you can take a closer look at short positions when updating highs around 1.1345 and 1.1368.

More in the video forecast for March 7

Indicator signals:

Moving averages

Trade remains below the 30- and 50-medium moving, which indicates the lateral nature of the market.

Bollinger bands

Volatility is very low, which does not give signals to enter the market.

Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20