28.08.202416:31 Forex Analysis & Reviews: EUR/USD: Simple Trading Tips for Beginner Traders on August 28 (U.S. Session)

Analysis of Trades and Trading Tips for the Euro

The test of the 1.1150 price level coincided with the moment when the MACD indicator was just beginning to move upwards from the zero mark. This confirmed the correct entry point to buy euros in anticipation of a correction after the significant drop in the pair during the Asian session. As you can see on the chart, the pair failed to gain significant ground, and after a 10-point rise, the pressure on the euro returned. This pressure is likely to persist in the second half of the day, as there are currently no reasons to buy the euro. The sharp retreat of investors from risky assets may continue, so be cautious with purchases. The absence of US statistics may help the dollar regain some strength by the end of this month, which could negatively impact the euro's position in the pair. For my intraday strategy, I plan to follow scenarios #1 and #2 in line with the ongoing trend.

Buy Signal

Scenario #1: Today, I plan to buy the euro upon reaching the 1.1145 price area (the green line on the chart) with a target of rising to the 1.1184 level. At 1.1184, I will exit the market and also sell the euro in the opposite direction, aiming for a movement of 30-35 pips from the entry point. A strong upward movement of the euro today is unlikely. Important: Before buying, ensure that the MACD indicator is above the zero mark and just starting to rise from it.

Scenario #2: I also plan to buy the euro today if there are two consecutive tests of the 1.1117 price level when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to a reversal of the market upwards. We can expect growth to the opposite levels of 1.1145 and 1.1184.

Sell Signal

Scenario #1: I will sell the euro after reaching the 1.1117 level (the red line on the chart). The target will be the 1.1090 level, where I plan to exit the market and buy the euro immediately in the opposite direction (expecting a movement of 20-25 pips in the opposite direction from the level). Pressure on the pair will continue in the second half of the day. Important: Before selling, ensure that the MACD indicator is below the zero mark and just starting to decline from it.

Scenario #2: I also plan to sell the euro today if there are two consecutive tests of the 1.1145 price level when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a reversal of the market downwards. We can expect a decline to the opposite levels of 1.1117 and 1.1090.

Chart Key:

• Thin green line: The entry price at which you can buy the trading instrument.
• Thick green line: The expected price where you can set Take Profit or manually lock in profits, as further growth above this level is unlikely.
• Thin red line: The entry price at which you can sell the trading instrument.
• Thick red line: The expected price where you can set Take Profit or manually lock in profits, as further decline below this level is unlikely.
• MACD Indicator: When making a market entry, it's important to consider overbought and oversold zones.

Important: Beginner traders in the Forex market need to make market entry decisions very carefully. It is best to stay out of the market before significant fundamental reports are released to avoid sharp price fluctuations. If you decide to trade during news releases, always set stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you are not using money management and are trading large volumes.

Remember that successful trading requires a clear trading plan, like the one presented above. Spontaneous trading decisions based on the current market situation are an inherently losing strategy for intraday traders.