FX.co ★ Analysis and trading tips for EUR/USD and GBP/USD on March 9 (US session)

Euro bulls continue to rake in the lows after Tuesday's fall and the absence of macroeconomic statistics in the morning. However, the growth could shift into a massive sell-off if today's data on US jobless claims and speeches of Fed representatives bring back demand for dollar. That is likely to force buyers in both euro and pound to close their positions this afternoon.

EUR/USD

For long positions:

Buy euro when the quote reaches 1.0580 (green line on the chart) and take profit at the price of 1.0607.

Euro can also be bought at 1.0558, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0580 and 1.0607.

For short positions:

Sell euro when the quote reaches 1.0558 (red line on the chart) and take profit at the price of 1.0527.

Euro can also be sold at 1.0580, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0558 and 1.0527.

GBP/USD

For long positions:

Buy pound when the quote reaches 1.1906 (green line on the chart) and take profit at the price of 1.1906 (thicker green line on the chart).

Pound can also be bought at 1.1875, but the MACD line should be in the oversold area as only by that will the market reverse to 1.1906 and 1.1935.

For short positions:

Sell pound when the quote reaches 1.1875 (red line on the chart) and take profit at the price of 1.1841.

Pound can also be sold at 1.1905, but the MACD line should be in the overbought area as only by that will the market reverse to 1.1875 and 1.1841.