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Analysis of transactions in the EUR / USD pair
Euro rose by 13 pips on Tuesday morning, thanks to the buy signal that appeared when the MACD line was moving above zero. It allowed traders to safely take long positions, provoking an increase in the pair. The same thing happened in the middle of the day, but this time growth was around 10 pips. In the afternoon, another signal appeared, setting off a 20-pip rise in the pair.
Consumer climate in Germany disappointed traders, so EUR / USD could not rise above the 13th figure yesterday. At the same time, balance of payments in the US slowed the growth of euro even if it did not provide support for dollar. Weak consumer confidence in the eurozone also led to sell-offs in the market.
There is no data on the eurozone today so trading will remain in a sideways channel, but with desperate attempts by the bulls to break above 1.1300. In the afternoon, US will release reports on Q3 GDP, home sales and consumer confidence, which, if shows better-than-expected figures, will further strengthen the position of dollar against euro.
For long positions:
Buy euro when the quote reaches 1.1280 (green line on the chart) and take profit at the price of 1.1306. Weak US GDP will raise EUR / USD today.
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 1.1260, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.1280 and 1.1306.
For short positions:
Sell euro when the quote reaches 1.1260 (red line on the chart) and take profit at the price of 1.1236. Strong US GDP will provoke a decline in the pair.
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 1.1280, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.1260 and 1.1236.
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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