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Analysis of transactions in the EUR / USD pair
Market signals on Wednesday said to buy EUR / USD, however, the MACD line was far from zero so the increase was very limited. But the sell signal that followed led to losses, even though the indicator moved to the overbought area. Closer to mid-day, another sell signal appeared, but a decline did not happen. No other signal appeared for the rest of the day.
EUR / USD will remain in a bull market because there is no data to be released on the eurozone today. At the same time, US GDP did not provide much support to dollar, despite being revised upward.
Quite a large volume of statistics is expected in the US this afternoon, starting with the volume of orders for durable goods. It will be followed by income and expenses data of the population, which, if turned out better than expected, will bring demand back to dollar. This is because the reports will spur inflationary growth and put pressure on the Federal Reserve. There will also be data on jobless claims and consumer sentiment, which can give additional support to dollar provided that the two indices show good performance.
For long positions:
Buy euro when the quote reaches 1.1345 (green line on the chart) and take profit at the price of 1.1376. Growth will occur only after the breakout of December highs. Weak US data could also raise EUR / USD in the afternoon.
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 1.1325, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.1345 and 1.1376.
For short positions:
Sell euro when the quote reaches 1.1325 (red line on the chart) and take profit at the price of 1.1293. Strong data on the US economy 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 1.1345, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.1325 and 1.1293.
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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