FX.co ★ Analysis and trading tips for EUR/USD and GBP/USD on March 2 (US session)

Inflation in the eurozone was higher than expected, creating further problems for the European Central Bank. Accordingly, euro saw a decline, as the risk of a recession is getting more real than ever. Pound also remained under pressure as the Bank of England will have to raise rates further, which goes against the government's plans to stimulate and support the economy.

The UK will release data on jobless claims in the afternoon, and a decline in the figure will lead to a further drop in pound and euro. Labor force productivity in the non-manufacturing sector will be of little interest to the market.

EUR/USD

For long positions:

Buy euro when the quote reaches 1.0635 (green line on the chart) and take profit at the price of 1.0671.

Euro can also be bought at 1.0614, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0635 and 1.0671.

For short positions:

Sell euro when the quote reaches 1.0614 (red line on the chart) and take profit at the price of 1.0583.

Euro can also be sold at 1.0635, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0614 and 1.0583.

GBP/USD

For long positions:

Buy pound when the quote reaches 1.1991 (green line on the chart) and take profit at the price of 1.2035 (thicker green line on the chart).

Pound can also be bought at 1.1951, but the MACD line should be in the oversold area as only by that will the market reverse to 1.1991 and 1.2035.

For short positions:

Sell pound when the quote reaches 1.1951 (red line on the chart) and take profit at the price of 1.1905.

Pound can also be sold at 1.1991, but the MACD line should be in the overbought area as only by that will the market reverse to 1.1951 and 1.1905.