17.10.202414:57 Forex-elemzések és áttekintések: EUR/USD: Simple Trading Tips for Beginner Traders on October 17th (U.S. Session)

Review of Trades and Advice on Trading the Euro

The levels I outlined earlier in the first half of the day were not tested. The low volatility ahead of the European Central Bank (ECB) meeting was quite expected, so the focus remains on this event. Along with the ECB decision, data on U.S. retail sales, initial jobless claims, and industrial production will also be released. Strong economic data combined with dovish rhetoric from ECB President Christine Lagarde could give another reason to sell the euro. This would create an opportunity to buy the U.S. dollar. Otherwise, the EUR/USD pair could see a significant recovery from its current lows, which should be considered when selling. As for intraday strategy, I'll be focusing more on Scenario #1.

Buy Signal

Scenario #1: Today, buying the euro is possible upon reaching the price around 1.0870 (green line on the chart) with a target of rising to the level of 1.0910. At the 1.0910 level, I plan to exit the market and reverse my position, expecting a movement of 30-35 points from the entry point. Euro growth today in the first half of the day will depend on a firm stance from Christine Lagarde. Important! Before buying, ensure that the MACD indicator is above the zero line and only beginning its upward movement from it.

Scenario #2: I also plan to buy the euro today in case of two consecutive tests of the 1.0847 level when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to an upward market reversal. Growth can be expected towards the opposite levels of 1.0870 and 1.0910.

Sell Signal

Scenario #1: I plan to sell the euro after reaching the 1.0847 level (red line on the chart). The target will be the 1.0810 level, where I plan to exit the market and immediately buy in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Pressure on the pair is likely to intensify after the ECB decision is released. Important! Before selling, ensure that the MACD indicator is below the zero line and only starting to decline from it.

Scenario #2: I also plan to sell the euro today in case of two consecutive tests of the 1.0870 level when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a market reversal downward. Declines can be expected towards the opposite levels of 1.0847 and 1.0810.

Chart Explanation:

• Thin green line – The entry price where you can buy the trading instrument.
• Thick green line – The projected price where you can set a Take Profit or manually lock in profits, as further growth above this level is unlikely.
• Thin red line – The entry price where you can sell the trading instrument.
• Thick red line – The projected price where you can set a Take Profit or manually lock in profits, as further decline below this level is unlikely.
• MACD Indicator – When entering the market, it's important to focus on overbought and oversold areas.

Important:Beginner traders in the forex market need to be very cautious when making decisions about entering the market. It's best to stay out of the market before key fundamental reports are released to avoid sudden price fluctuations. If you decide to trade during the release of important economic reports, always set stop-loss orders to minimize losses. Without setting stop-losses, you can quickly lose your entire deposit, especially if you do not practice money management and trade large volumes.

Remember, to trade successfully, you need a clear trading plan, like the one outlined above. Making spontaneous trading decisions based on the current market situation is initially a losing strategy for an intraday trader.