05.09.202416:46 Forex-elemzések és áttekintések: EUR/USD: Simple Trading Tips for Beginner Traders on September 5 (American Session)

Review of trades and trading tips for the euro currency

The test of the 1.1098 price occurred when the MACD indicator had moved significantly upward from the zero mark, which limited the pair's upward potential. For this reason, I did not buy the euro. Shortly after, the price tested 1.1098 again while the MACD was in the overbought zone, which enabled Scenario No. 2 for selling. Given that no significant buying reaction occurred for the euro despite strong data from Germany, I decided to wait for Scenario No. 2 for selling. Unfortunately, the pair didn't experience a major drop either. The second half of the day is once again interesting with various data related to the U.S. labor market. If the ADP employment change and the number of initial jobless claims surpass economists' forecasts, it would be advisable to buy the dollar and sell the euro. However, if the data disappoints, like yesterday, you may consider increasing purchases of risk assets, which will support the continuation of the upward trend. Reports on the ISM Services PMI and the Composite PMI are expected to play a secondary role. Regarding the intraday strategy, I plan to act based on the execution of Scenarios No. 1 and No. 2.

Buy Signal

Scenario No. 1: Today, I plan to buy the euro when the price reaches the 1.1111 level (the green line on the chart) with a target of rising to the 1.1157 level. At 1.1157, I will exit the market and also sell the euro in the opposite direction, targeting a movement of 30-35 points from the entry point. A strong upward move in the euro is likely today following disappointing U.S. data. Important! Before buying, make sure the MACD indicator is above the zero mark and just starting its rise.

Scenario No. 2: I also plan to buy the euro today if there are two consecutive tests of the 1.1084 price when the MACD indicator is in the oversold zone. This will limit the pair's downward potential and could trigger an upward reversal. Growth can be expected toward the key levels of 1.1111 and 1.1157.

Sell Signal

Scenario No. 1: I plan to sell the euro after reaching the 1.1084 level (the red line on the chart). The target will be the 1.1043 level, where I will exit the market and immediately buy the euro in the opposite direction (targeting a movement of 20-25 points from the level). Selling pressure on the pair will return if there are no buyers around the daily high and strong U.S. statistics. Important! Before selling, make sure the MACD indicator is below the zero mark and just starting to decline from it.

Scenario No. 2: I also plan to sell the euro today if there are two consecutive tests of the 1.1111 price when the MACD indicator is in the overbought zone. This will limit the pair's upward potential and could trigger a downward reversal. You can expect a decline to the key levels of 1.1084 and 1.1043.

What's on the chart:

• Thin green line – the entry price where you can buy the trading instrument.
• Thick green line – the suggested price where you can place profit or manually fix your profits since further growth above this level is unlikely.
• Thin red line – the entry price where you can sell the trading instrument.
• Thick red line – the suggested price where you can place profit or manually fix your profits since further decline below this level is unlikely.
• MACD Indicator – When entering the market, it's important to consider overbought and oversold zones.

Important: Beginner traders in the Forex market must make entry decisions very carefully. It's best to stay out of the market before important fundamental reports to avoid sharp price swings. If you decide to trade during news releases, always set stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you trade large volumes without proper money management.

And remember, successful trading requires a clear trading plan, like the one I've presented above. Making impulsive trading decisions based on current market conditions is a losing strategy for intraday traders.