FX.co ★ Analysis and trading tips for EUR/USD and GBP/USD on February 28 (US session)

Euro and pound continued to rise this morning, thanks to growing expectations that central banks will still raise interest rates to combat inflation. Released inflation data from eurozone countries, particularly France and Spain for February this year, pointed to another rise in prices, triggering purchases for euro. News that the UK has found a compromise with the EU on the Northern Ireland protocol also pushed pound higher. However, all this could change in the afternoon, after the release of US consumer confidence data. The figure is likely to beat all expectations, which will trigger purchases for dollar and closing of positions in euro and pound.

EUR/USD

For long positions:

Buy euro when the quote reaches 1.0622 (green line on the chart) and take profit at the price of 1.0651.

Euro can also be bought at 1.0605, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0622 and 1.0651.

For short positions:

Sell euro when the quote reaches 1.0605 (red line on the chart) and take profit at the price of 1.0583.

Euro can also be sold at 1.0622, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0605 and 1.0583.

GBP/USD

For long positions:

Buy pound when the quote reaches 1.2124 (green line on the chart) and take profit at the price of 1.2177 (thicker green line on the chart).

Pound can also be bought at 1.2077, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2124 and 1.2177.

For short positions:

Sell pound when the quote reaches 1.2077 (red line on the chart) and take profit at the price of 1.2031.

Pound can also be sold at 1.2124, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2077 and 1.2031.