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26.06.202416:31 Forex Analysis & Reviews: EUR/USD: Simple trading tips for beginner traders on June 26th (US session)

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Analysis of Trades and Trading Tips for the EuroThe price test at 1.0685 in the first half of the day coincided with the moment when the MACD indicator had moved significantly below the zero mark, so I refrained from selling the euro. Shortly after, there was another test of this price level, and at that moment, the MACD was already in the oversold zone, which allowed Scenario #2 for buying to materialize. However, as you can see on the chart, after a 10-point upward movement, the upward potential of the pair was exhausted. In the second half of the day, apart from data on home sales volume in the primary US market, there is nothing significant, so euro buyers will have a chance for correction provided that the data disappoints significantly. There are no scheduled speeches from Federal Reserve representatives either, but anything could happen, so it's important to keep track of the news background. As for the intraday strategy, I plan to act based on the implementation of Scenarios #1 and #2.

Exchange Rates 26.06.2024 analysis

Buy SignalScenario #1: Today, I plan to buy the euro when the price reaches around 1.0705 (green line on the chart), with a target of rising to the level of 1.0731. At the point of 1.0731, I will exit the market and also sell the euro in the opposite direction, aiming for a movement of 30-35 points from the entry point. The euro's upward movement today can only be expected after very weak US data. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.Scenario #2: I also plan to buy the euro today in case of two consecutive tests of the price at 1.0680, at a time when the MACD indicator is in the oversold zone. This will limit the pair's downward potential and lead to a reverse upward reversal of the market. We can expect an increase to the opposite levels of 1.0705 and 1.0731. Sell signal Scenario No.1: I will sell euros after reaching the level of 1.0680 (the red line on the chart). The target will be 1.0655, where I plan to exit the market and buy the euro immediately in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Pressure on the pair will return in case of strong US statistics. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.Scenario #2: Today, I also plan to sell the euro in case of two consecutive tests of the price at 1.0705, at a time when the MACD indicator is in the overbought zone. This will limit the upward potential of the pair and lead to a reversal of the market downwards. Expect a decline towards the opposite levels of 1.0680 and 1.0655.

Exchange Rates 26.06.2024 analysis

What's on the Chart:Thin green line - entry price for buying the trading instrument;Thick green line - estimated price where you can place Take Profit or manually take profit, as further growth above this level is unlikely;Thin red line - entry price for selling the trading instrument;Thick red line - estimated price where you can place Take Profit or manually take profit, as further decline below this level is unlikely;MACD indicator. When entering the market, it's important to consider overbought and oversold zones.Important: For novice Forex traders, it's crucial to make entry decisions very carefully. Before major fundamental reports are released, it's best to stay out of the market to avoid being caught in sharp exchange rate fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.And remember, successful trading requires a clear trading plan similar to the one presented above. Making spontaneous trading decisions based on the current market situation is initially a losing strategy for intraday traders.
Eseguito da Jakub Novak
Esperto analista di InstaForex
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