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Overview of yesterday's trading and tips on EUR/USD
The price test of 1.0646 in the afternoon occurred at a time when the MACD indicator was just beginning to move down from the zero mark, which confirmed the correct entry point to sell the euro. As a result, the pair fell further along the trend by more than 20 points. Data on the German wholesale price index and changes in eurozone industrial production were ignored in the first half of the day, preventing the euro from recovering normally. During the American session, a strong report on US retail sales led to a collapse in risky assets and stock markets, which increased demand for the dollar.
Today in the first half of the day, quite interesting figures are being released on the business sentiment index from the ZEW Institute for eurozone countries, as well as on the business sentiment index from the ZEW Institute, the current situation index and the foreign trade balance for Germany. Good indicators, which should be better than economists' forecasts, will certainly help stop the fall of the euro and even lead to a good upward correction in the first half of the day. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and No. 2.
Buy signal
Scenario No 1. Today you can buy the euro when the price reaches 1.0630 plotted by the green line on the chart, aiming for growth to the level of 1.0664. At the level of 1.0664, I plan to exit the market and also sell the euro in the opposite direction, counting on a movement of 30-35 pips from the entry point. You can count on the euro to rise today on the condition of good statistics on the eurozone, but it is best to follow the trend. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.
Scenario No 2. I am also going to buy the euro today in case of two consecutive tests of the price of 1.0603 at the time when the MACD indicator is in the oversold area. This will limit the downward potential of the pair and enable a reverse upward reversal of the market. We can expect growth to the opposite levels of 1.0630 and 1.0664.
Sell signal
Scenario No 1. I plan to sell the euro after EUR/USD reaches the level of 1.0603 plotted by the red line on the chart. The target will be the level of 1.0571, where I am going to exit the market and buy immediately in the opposite direction (expecting a movement of 20-25 pips in the upward direction from the level). Pressure on EUR/USD will increase if it fails to consolidate in the area of the daily high. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.
Scenario No 2. I am also going to sell the euro today on the condition of two consecutive tests of 1.0630 at the time when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward market reversal. We can expect a decline to the opposite levels of 1.0603 and 1.0571.
What's on the chart:
The thin green line is the entry price at which you can buy the trading instrument.
The thick green line is the price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
The thin red line is the entry price at which you can sell the trading instrument.
The thick red line is the 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 in the cryptocurrency market need to be very cautious when making decisions to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.
Remember, for successful trading, it is necessary to have a clear trading plan, similar to the one I presented above. Spontaneously making trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.
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