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Trade Analysis and Tips for Trading the Euro
The test of the 1.0907 price level occurred when the MACD indicator had just begun to move upward from the zero mark, confirming a valid entry point for buying euros. As a result, the pair rose by more than 30 pips, reaching the target level of 1.0930. News that Donald Trump is one step away from winning the presidential election has led to a drop in the euro and strengthened the U.S. dollar. This trend will likely persist throughout the day, so be prepared for additional euro sales. Data on the change in Germany's industrial orders, the PMI services index, the Eurozone composite PMI index, and the Eurozone producer price index is scheduled for release today. Weak reports will trigger further euro sell-offs. Speeches by European Central Bank Vice President Luis de Guindos and ECB board member Joachim Nagel are unlikely to attract much attention today. Regarding the intraday strategy, I will focus more on implementing scenarios #1 and #2.
Buy Signal
Scenario #1: Buy the euro today upon reaching the price area around 1.0778 (green line on the chart) with a target of rising to 1.0843. At 1.0843, I plan to exit the market and sell the euro in the opposite direction, aiming for a movement of 30-35 pips from the entry point. It's unlikely to expect much euro growth today in the first half of the day, at most an upward correction. Important! Before buying, ensure that the MACD indicator is above zero and only beginning to rise.
Scenario #2: I also plan to buy the euro today if there are two consecutive tests of the 1.0709 price level when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to an upward market reversal. Growth to the opposite levels of 1.0778 and 1.0843 can be expected.
Sell Signal
Scenario #1: I plan to sell the euro after reaching the 1.0709 level (red line on the chart). The target will be the 1.0692 level, where I plan to exit the market and immediately buy in the opposite direction (aiming for a 20-25-pip movement in the opposite direction). The pressure on the pair will persist, and selling is best done on corrections. Important! Before selling, ensure that the MACD indicator is below the zero mark and is only beginning to decline.
Scenario #2: I also plan to sell the euro today if there are two consecutive tests of the 1.0778 price level when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward market reversal. A decline to the opposite levels of 1.0709 and 1.0629 can be expected.
Chart Indicators:
Thin Green Line – Entry price to buy the instrument.
Thick Green Line – Suggested price level for setting Take Profit or manually taking profits, as further growth beyond this level is unlikely.
Thin Red Line – Entry price to sell the instrument.
Thick Red Line – Suggested price level for setting Take Profit or manually taking profits, as further decline beyond this level is unlikely.
MACD Indicator – When entering the market, consider overbought and oversold zones.
Important: Novice traders should exercise caution when entering the market. Before the release of significant fundamental reports, it is best to stay out of the market to avoid sudden price swings. If you choose to trade during news releases, always set stop orders to minimize losses. You may quickly lose your entire deposit without stop orders, especially if trading large volumes without proper money management.
Remember, successful trading requires a clear plan, like the above example. Spontaneous trading decisions based on current market conditions are inherently a losing strategy for an intraday trader.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
