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Analysis of transactions in the EUR / USD pair
A signal to buy emerged after EUR/USD hit 1.1002. Coincidentally, the MACD line was starting to move above zero, so the pair rose by about 15 pips. Some time later, a second test of the same level took place, but this time the upward movement was around 40 pips.
Selling at 1.1048 did not bring much profit and there was no other market signal for the rest of the day.
Risk appetite returned after news emerged that there is progress in the negotiations in Ukraine. Meanwhile, yesterday's reports on Germany's consumer climate index and import price index were ignored by the market, while the data on US consumer confidence prompted a correction in EUR/USD because the better-than-expected figure led to an increase in dollar demand in the afternoon.
A number of important statistics on the eurozone are coming out today, one of which is Germany's consumer price index for March this year. A sharp increase in the indicator is likely to provoke a rally in euro as that will be a clear signal to the central bank about the need for more active action with interest rates. In the afternoon, the US will release reports on GDP and the labor market, followed by a speech from Fed representative Esther George.
For long positions:
Buy euro when the quote reaches 1.1123 (green line on the chart) and take profit at the price of 1.1183 (thicker green line on the chart). A rally is possible today, especially amid progress in the negotiations in Ukraine and easing of political tensions. However, when buying, make sure that the MACD line is above zero or is starting to rise from it. It is also possible to buy at 1.1084, but the MACD line should be in the oversold area as only by that will the market reverse to 1.1123 and 1.1183.
For short positions:
Sell euro when the quote reaches 1.1084 (red line on the chart) and take profit at the price of 1.0935. However, pressure is unlikely to return quickly, except if negotiations in Ukraine fail again. In any case, 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 1.1123, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.1084 and 1.1035.
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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