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The price test of 1.0667 in the afternoon occurred at a time when the MACD indicator was just beginning to move down from the zero mark, which confirmed the correct entry point to sell the euro. As a result, the pair fell by more than 25 pips, but the pair only reached the target of 1.0633 during the Asian session. Yesterday, the market completely ignored the European Central Bank's report on balance of payments, but the euro fell after the labor market data, and the dollar rose, as the market increasingly believed that the Federal Reserve would maintain a tough stance after yesterday's speeches of the FOMC members. Today, we are waiting for the German producer price index. But whatever the figures are, the market is unlikely to react strongly to this report. I expect the pair to fall further along the trend with the prospect of updating the monthly low. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and No. 2.
Scenario No 1. Today you can buy the euro when the price reaches 1.0646 plotted by the green line on the chart, aiming for growth to the level of 1.0686. At the level of 1.0686, I plan to exit the market and also sell the euro in the opposite direction, counting on a movement of 30-35 pips from the entry point. You can count on the euro to rise today on the condition of good eurozone data. Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.
Scenario No 2. I am also going to buy the euro today in case of two consecutive tests of the price of 1.0629 at the time when the MACD indicator is in the oversold area. This will limit the downward potential of the instrument and lead to an upward reversal of the market. We can expect growth to the opposite levels of 1.0646 and 1.0686.
Scenario No 1. I plan to sell the euro after EUR/USD reaches the level of 1.0629 plotted by the red line on the chart. The target will be the level of 1.0602, where I am going to exit the market and buy immediately in the opposite direction (expecting a movement of 20-25 pips in the upward direction from the level). Pressure on EUR/USD will increase if it fails to consolidate in the area of the daily high. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.
Scenario No 2. I am also going to sell the euro today in case of two consecutive price tests of 1.0646 at the time when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward reversal of the market. We can expect a decline to the opposite level of 1.0629 and 1.0602.
The thin green line is the entry price at which you can buy the trading instrument.
The thick green line is the price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
The thin red line is the entry price at which you can sell the trading instrument.
The thick red line is the price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.
MACD line: it is important to be guided by overbought and oversold areas when entering the market
Important: Novice traders in the cryptocurrency market need to be very cautious when making decisions to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.
Remember, for successful trading, it is necessary to have a clear trading plan, similar to the one I presented above. Spontaneously making trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
