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Analysis of previous deals:
30M chart of the EUR/USD pair
The EUR/USD pair as a whole continued to move mainly sideways on Monday, but with greater volatility compared to Friday. There is still no clear trend, trend line or channel for the pair. In principle, the chart clearly shows that the price was in between the levels of 1.1772 and 1.1851 last week. Thus, we have a full-fledged horizontal channel. Today the price bounced off its lower border, so novice traders had a good buy signal during the day. Nevertheless, it is still not recommended to trade on the signals from the MACD indicator on the 30-minute timeframe. We would like to draw your attention to the fact that the pair has been unable to surpass 1.1772 for quite a long time. Therefore, further strengthening of the dollar is in question. The fundamental background from the European Union is now neutral, but this week will be summing up the results of the meeting of the European Central Bank. And this is always an important event.
5M chart of the EUR/USD pair
The pair moved pretty well on the 5-minute timeframe and reached important levels with pleasure. It all started in the morning, when the price settled below the level of 1.1796, forming the first sell signal, which should have been worked out with short positions. The downward movement did not last long, however, the nearest level of 1.1772 was reached. Close to it, short positions should have been manually closed, since a rebound followed with the formation of a buy signal. Basically, both buy signals around 1.1772 were very fuzzy. The pair was consolidating below this level by literally 5-6 points, which can be considered a break with a big stretch. We interpret these signals as rebounds, but in fact, it was very difficult for novice traders to define them exactly as rebounds. Thus, it is possible that losses were received on these signals. It's good that they are small. The next buy signal was already strong enough. The price bounced/surpassed the level of 1.1772 and subsequently crossed the level of 1.1796 and reached 1.1822 (Friday's high). And so you could earn around 30 points on a long position. A rebound from the level of 1.1822 was also a signal to sell. And it also had to be worked out. The price dropped to the level of 1.1796, from which it bounced again, bringing about 10 more points of profit to novice traders. So today beginners could earn several dozen points.
Trading tips for Tuesday:
There is still no trend on the 30-minute timeframe, so it is not recommended to trade on this timeframe yet. The horizontal channel is clearly visible, and the pair continues to show rather weak volatility, so it is best to immediately switch to the lower chart, and wait for the formation of a trend line or channel at the current one. On the 5-minute timeframe, it is recommended to trade from the levels 1.1772, 1.1796, 1.1822, 1.1851 and 1.1880. Take Profit, as before, is set at a distance of 30-40 points. Stop Loss - to breakeven when the price passes in the right direction by 15-20 points. At the 5M TF, the target can be the nearest level if it is not too close or too far away. If located - then you should act according to the situation. Neither the European Union nor the United States are set to publish a single important event on Tuesday. Thus, it is highly likely that tomorrow the pair will experience low volatility again.
On the chart:
Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels. Red lines are the channels or trend lines that display the current trend and show in which direction it is better to trade now.
Up/down arrows show where you should sell or buy after reaching or breaking through particular levels.
The MACD indicator (14,22,3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend lines (channels and trend lines).
Important announcements and economic reports that you can always find in the news calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommended trading as carefully as possible or exit the market in order to avoid a sharp price reversal.
Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
