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Analysis of transactions in the EUR / USD pair
A buy signal appeared in the market yesterday. Fortunately, it was during the time that the MACD line was above zero, so EUR / USD was able to move up by 20 pips. But the weak reports on CPI and unemployment hindered the pair in achieving a larger bullish correction.
Trading recommendations for April 1
Pressure may return on the euro at any moment, especially if data on Germany retail trade and EU manufacturing activity turns out weaker than expected. To add to that, there are upcoming reports on US manufacturing and jobless claims, which, if comes out better than the forecasts, could add more strength to the US dollar.
For long positions:
Enter a long position when the quote reaches 1.1740 (green line on the chart), and then take profit around the level of 1.1772. Good reports on the Euro area will set off a sharp increase in the euro, thereby forming a good upward correction.
Keep in mind that before buying, the MACD line should be above zero and is starting to rise from it.
For short positions:
Enter a short position when the quote reaches 1.1715 (red line on the chart), and then take profit at the level of 1.1675. Weak data on the EU will bring back pressure on EUR / USD.
But before selling, be sure that the MACD line is below zero and is starting to move down from it.
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.
Analysis of transactions in the GBP / USD pair
Two buy signals appeared in the market yesterday. However, both of them had to be ignored because the MACD line, during those times, was in the overbought zone, limiting the upward potential of the pound. But despite that, GBP / USD still climbed towards 1.3802, although immediately after that it moved down again by 20 pips.
Trading recommendations for April 1
Strong data on UK GDP set off an increase in GBP / USD. However, it did not last long as the latest employment report from the ADP convinced traders to switch their positions to USD.
Today though, the direction of the pound is uncertain because firstly, it could climb up if there are strong reports on UK manufacturing, or secondly it could continue going down due to US data on manufacturing and jobless claims.
For long positions:
Enter a long position when the quote reaches 1.3799 (green line on the chart), and then take profit at the level of 1.3846 (thicker green line on the chart). Price will jump higher if the pound consolidates above 1.3799.
Make sure that when you buy GBP, the MACD line is above zero and is starting to rise from it.
For short positions:
Enter a short position after the quote reaches 1.3770 (red line on the chart), and then take profit at the level of 1.3718. If the data on UK manufacturing turns out weaker than expected, pressure on GBP / USD will increase.
When selling, make sure that the MACD line is below zero and is starting to move down from it.
What's on the chart:
The thin green line is the key level at which you can place long positions in the GBP/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 GBP/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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