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Analysis of transactions in the EUR / USD pair
A signal to sell appeared in the market on Thursday, but there was no downward movement even though the MACD line was at the overbought area. Fortunately, there was a slight decline some time later, albeit by around 10 pips only. A buy signal appeared in the afternoon, but it also did not lead to a large movement even though the MACD line was moving above zero. The reason was the low volatility and trading volume caused by the weekend in the US.
EUR / USD declined yesterday amid weaker-than-anticipated GDP data in Germany and the leading consumer climate index. But today the situation may change depending on the change in the M3 aggregate of the eurozone money supply and the volume of lending in the private sector. ECB chief Christine Lagarde will also speak, and her statements could raise demand for euro. By afternoon, volatility and trading volume will decline again, all because of the shortened trading session in the US market
For long positions:
Buy euro when the quote reaches 1.1234 (green line on the chart) and take profit at the price of 1.1265. Demand will increase if the Euro area reports strong economic statistics and if the European Central Bank says 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 1.1215, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.1234 and 1.1265.
For short positions:
Sell euro when the quote reaches 1.1215 (red line on the chart) and take profit at the price of 1.1188. Demand will decline if the situation with COVID-19 escalates. Weak data on the eurozone will also provoke a decrease in EUR / USD.
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 1.1234, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.1215 and 1.1188.
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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