The pair EUR/USD is waiting for positive European data
On Friday, the pair EUR/USD traded in a narrow range 1.1265 – 1.1320. The pair showed such a movement because of the lack of important economic data.
Today, the National Association of Realtors will release data on existing home sales in February. Investors expect the decline in sales by 2.2% to 5.34 million after increasing by 0.4% a month earlier.
Tomorrow, the euro zone is to publish preliminary data on business activity in the manufacturing and services sector in March. Germany and France will also publish separate reports on activity in the manufacturing and services sector.
It’s also worth to pay attention to the German Ifo Business Climate Index in March and German ZEW Economic Sentiment.
Europe expects to improve its data. This will help to strengthen the European currency.
How to trade
We would buy CALL options if the pair overcomes up the resistance level of 1.1286. If the pair EUR/USD breaks the resistance level of 1.1254, we would buy PUTs.
Expiry time: 21:00 GMT