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Analysis of transactions in the EUR / USD pair
A signal to sell emerged after EUR/USD hit 1.1023. Coincidentally, the MACD line was starting to move under zero, so the pair decreased by more than 60 pips. Following that was a buy signal around 1.0966, which prompted a 40-pip gain. No other signal appeared for the rest of the day.
Although consumer confidence in the Euro area was worse than expected this March, demand for pound did not dip strongly. Meanwhile, the statements of Fed representatives hinted at more aggressive interest rate hikes in the future.
A report on the ECB's economic bulletin will be released today, and it will have a mediocre impact on markets. As such, it is unlikely that there will be large movements in EUR/USD, especially since there are no statistics at all in the afternoon. But news on Joe Biden's negotiations with European colleagues on the topic of the oil embargo may lead to a surge in dollar volatility.
For long positions:
Buy euro when the quote reaches 1.0993 (green line on the chart) and take profit at the price of 1.1036 (thicker green line on the chart). A rally is possible today because trading will be carried out mainly within the side channel. But 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 1.0955, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0993 and 1.1036.
For short positions:
Sell euro when the quote reaches 1.0955 (red line on the chart) and take profit at the price of 1.0910. Pressure is likely to return at any moment because market participants prefer safe assets than risky ones at the moment. But before selling, make sure that the MACD line is below zero, or is starting to move down from it. Euro can also be sold at 1.0993, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.0955 and 1.0910.
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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