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Friday's lack of statistics limited the upside potential of EUR/USD, but did not change the bullish dynamics of markets. Apparently, buyers are firm on continuing the upward movement of euro, and good economic statistics are what they are waiting for.
Today, Germany is set to release data on its import prices, which is likely to lead to a surge in volatility. Meanwhile, in the US, citizens are celebrating Martin Luther King Day, so trading volume will be low, which will limit the further upside potential of the pair.
For long positions:
Buy euro when the quote reaches 1.0877 (green line on the chart) and take profit at the price of 1.0957. There is a chance for growth today as there is positive market sentiment. But before buying, make sure that the MACD line is above zero or is starting to rise from it. Euro can also be bought at 1.0818, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.0877 and 1.0957.
For short positions:
Sell euro when the quote reaches 1.0818 (red line on the chart) and take profit at the price of 1.00738. Pressure will return if the attempt to consolidate at weekly highs fails. But take note that when selling, the MACD line should be below zero or is starting to move down from it. Euro can also be sold at 1.0877, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.0818 and 1.0738.
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 decision based on the current market situation is an inherently losing strategy for an intraday trader.
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