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Analysis of transactions in the EUR / USD pair
Euro rose by 20 pips on Tuesday, thanks to the signal to buy that coincided with the MACD line being at the oversold area. Sadly, there was no further growth because the indicator was far away from zero in the afternoon.
Surprisingly, the better-than-expected GDP data from Germany did not affect the market much yesterday. The speech of ECB member Isabel Schnabel was also practically ignored, as it did not concern monetary policy. But in the afternoon, euro's rally halted because of good data on US home sales.
Most likely, the bullish move will continue provided that upcoming reports from Germany exceed expectations. But if the figures decline, EUR / USD will drop in price as well. Then, the scenario could escalate in the afternoon if US releases strong data on orders for durable goods.
For long positions:
Open a long position when euro reaches 1.1754 (green line on the chart), and then take profit at the level of 1.1796. EUR / USD may climb higher if data from Germany exceeds expectations. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.
It is also possible to buy at 1.1733 and 1.1693, but the MACD indicator line must be in the oversold area, as only by that will the market reverse to 1.1754 and 1.1796.
For short positions:
Open a short position when euro reaches 1.1733 (red line on the chart), and then take profit at the level of 1.1693. A decline will occur if Germany releases weak economic indicators and if the ECB takes a wait-and-see position on monetary policy. But before selling, make sure that the MACD line is below zero, or is starting to move down from it.
It is also possible to sell at 1.1754 and 1.1796, but the MACD line must be in the overbought area, as only by that will the market reverse to 1.1733.
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.
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