13.03.202308:40 Forex Analysis & Reviews: Analysis and trading tips for EUR/USD on March 13

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Analysis of transactions and tips for trading EUR/USD

The pair tested 1.0604 at a time when the MACD line was just starting to move above zero, which was a good reason to buy. It resulted in a price increase of as much as 100 pips. No other market signal appeared for the rest of the day.

Germany's CPI data was ignored by markets, while a sharp rise in US unemployment rate led to a weakening of dollar on Friday afternoon.

Most likely, the situation in EUR/USD will continue today as there are no important statistics scheduled to be released today. Market players should stick to trading further along the trend, which is now on the side of buyers. The Eurogroup meeting and speech from Bundesbank representatives will be of little interest.

For long positions:

Buy euro when the quote reaches 1.0734 (green line on the chart) and take profit at the price of 1.0775. Growth is possible, but it will only be amid disappointing US reports and emerging banking sector problems. Nevertheless, make sure that when buying, the MACD line is above zero or is starting to rise from it. Euro can also be bought at 1.0702, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0734 and 1.0775.

For short positions:

Sell euro when the quote reaches 1.0702 (red line on the chart) and take profit at the price of 1.0671. Pressure will return if the attempt to consolidate at the monthly highs fail. However, make sure that when selling, the MACD line is under zero or is starting to move down from it. Euro can also be sold at 1.0734, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0702 and 1.0671.

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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