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The test of 1.0721, coinciding with the decline of the MACD line from zero, left a sell signal in EUR/USD. As a result, the pair dropped by more than 30 pips.
Weak economic data from Germany and the eurozone put pressure on euro, as the technical recession in Germany could potentially turn into a real one by the end of the year. This offset even the hawkish statements from policymakers about the need for further interest rate hikes. However, the empty economic calendar in the US today could revamp risk appetite, thus leading to a rise in the pair.
For long positions:
Buy when euro hits 1.0699 (green line on the chart) and take profit at the price of 1.0725. Growth could occur amid the empty economic calendar from the US. However, before buying, traders should make sure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0684, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0699 and 1.0725.
For short positions:
Sell when euro reaches 1.0684 (red line on the chart) and take profit at the price of 1.0663. Pressure will return in the case of inactivity around 1.0699. However, before selling, traders should make sure that the MACD line lies below zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0699, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0684 and 1.0663.
What's on the chart:
Thin green line - entry price at which you can buy EUR/USD
Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
Thin red line - entry price at which you can sell EUR/USD
Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.
MACD line- it is important to be guided by overbought and oversold areas when entering the market
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 decision based on the current market situation is an inherently losing strategy for an intraday trader.
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