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Analysis of transactions in the EUR / USD pair
EUR / USD rose by 20 pips on Monday amid a signal to buy that coincided with the MACD line being in the oversold area. The indicator allowed traders to safely take long positions, provoking an upward movement in the pair. Then, in the afternoon, the quote jumped again by 20 pips, this time thanks to the buy signal that coincided with the MACD line moving up from zero.
EUR / USD rallied yesterday, thanks to strong data on investor confidence and statements from ECB chief economist Philip Lane.
And today this bullish momentum may continue amid reports on the foreign trade balance and business sentiment. At the same time, towards the end of the European session, ECB chief Christine Lagarde will speak, which may provoke another uptrend.
In the afternoon, volatility may surge if Fed Chairman Jerome Powell touches on the topic of monetary policy. Data on the NFIB small business optimism index is unlikely to influence the direction of the pair.
For long positions:
Buy euro when the quote reaches 1.1613 (green line on the chart) and take profit at the price of 1.1651. Growth will be observed if the Euro area reports good statistics and if the ECB makes hawkish statements on monetary policy.
Before buying, make sure that the MACD line is above zero, or is starting to rise from it. It is also possible to buy at 1.1592, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.1613 and 1.1651.
For short positions:
Sell euro when the quote reaches 1.1592 (red line on the chart) and take profit at the price of 1.1553. A decline will occur if the Euro area shows poor performance and if the US Fed makes hawkish statements.
Before selling, make sure that the MACD line is below zero, or is starting to move down from it. Euro could also be sold at 1.1613, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.1592 and 1.1553.
What's on the chart:
The thin green line is the key level at which you can place long positions in the EUR/USD pair.
The thick green line is the target price, since the quote is unlikely to move above this level.
The thin red line is the level at which you can place short positions in the EUR/USD pair.
The thick red line is the target price, since the quote is unlikely to move below this level.
MACD line - when entering the market, it is important to be guided by the overbought and oversold zones.
Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.
And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.
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