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EUR/USD Forecast 21 Mar 2016

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EUR/USD Forecast 21 Mar 2016
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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

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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