FX.co ★ Analysis and trading tips for EUR/USD and GBP/USD on March 3 (US session)

Service sector activity in the Euro area did not impress traders, so purchases in euro and pound became limited in the morning. Even so, market sentiment remains bullish, especially since upcoming similar reports from the US could surprise traders. The beginning of March may also bring positivity, which will return risk appetite. And if non-manufacturing PMI in the US turn out weaker than expected, pressure on dollar will increase, which will lead to a further rise in EUR/USD and GBP/USD. Even Fed member Raphael Bostic's statements and his calls for a further 50 basis point rate hike will not help.

EUR/USD

For long positions:

Buy euro when the quote reaches 1.0627 (green line on the chart) and take profit at the price of 1.0656.

Euro can also be bought at 1.0603, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0627 and 1.0656.

For short positions:

Sell euro when the quote reaches 1.0603 (red line on the chart) and take profit at the price of 1.0568.

Euro can also be sold at 1.0627, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0603 and 1.0568.

GBP/USD

For long positions:

Buy pound when the quote reaches 1.2003 (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 1.1972, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2003 and 1.2035.

For short positions:

Sell pound when the quote reaches 1.1972 (red line on the chart) and take profit at the price of 1.1929.

Pound can also be sold at 1.2003, but the MACD line should be in the overbought area as only by that will the market reverse to 1.1972 and 1.1929.