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The test of 1.0671, coinciding with the significant decline of the MACD line from zero, limited the downward potential of the pair. A similar story happened with the level of 1.0696.
The upcoming ISM manufacturing index and the ADP employment data will set the market direction. Disappointing indicators will put pressure on dollar, especially if FOMC member Patrick T. Harker continues to lean towards a pause in the interest rate hike cycle during the June meeting. Such a scenario will result in a rise in EUR/USD.
For long positions:
Buy when euro hits 1.0719 (green line on the chart) and take profit at the price of 1.0744. Growth could occur amid weak data from the US. However, before buying, traders should make sure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0702, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0719 and 1.0744.
For short positions:
Sell when euro reaches 1.0702 (red line on the chart) and take profit at the price of 1.0669. Pressure will return amid very strong labor market data in the US. However, before selling, traders should make sure that the MACD line lies below zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0719, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0702 and 1.0669.
What's on the chart:
Thin green line - entry price at which you can buy EUR/USD
Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
Thin red line - entry price at which you can sell EUR/USD
Thick red line - estimated 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 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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