FX.co ★ Analysis and trading tips for EUR/USD and GBP/USD on March 24 (US session)

Euro and pound fell as risk appetite dwindled due to weak economic activity in both the eurozone and the UK. But activity data from the US, which is due out this afternoon, could also disappoint, so the two currencies have the chance to see a correction.

EUR/USD

For long positions:

Buy euro when the quote reaches 1.0761 (green line on the chart) and take profit at the price of 1.0829.

Euro can also be bought at 1.0721, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0761 and 1.0829.

For short positions:

Sell euro when the quote reaches 1.0721 (red line on the chart) and take profit at the price of 1.0672.

Euro can also be sold at 1.0761, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0721 and 1.0672.

GBP/USD

For long positions:

Buy pound when the quote reaches 1.2223 (green line on the chart) and take profit at the price of 1.2265 (thicker green line on the chart).

Pound can also be bought at 1.2196, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2223 and 1.2265.

For short positions:

Sell pound when the quote reaches 1.2196 (red line on the chart) and take profit at the price of 1.2145.

Pound can also be sold at 1.2223, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2196 and 1.2145.