Further growth became limited because the test of 1.0840 occurred during the sharp rise of the MACD line from zero. Shortly after, another test happened, and this provoked a sell signal as the MACD line went within the overbought area. This resulted in a price decrease of around 10 pips.
Weak statistics from Germany failed to undermine euro ahead of important US data. And if the report on new jobs in the US drops sharply, dollar will decline, while euro will increase. If the data surprises, euro will drop, while dollar will surge.
For long positions:
Buy when euro hits 1.0849 (green line on the chart) and take profit at the price of 1.0903. Growth will occur after very poor statistics from the US and dovish speech of Fed representatives.
When buying, ensure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0822, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.0849 and 1.0903.
For short positions:
Sell when euro reaches 1.0822 (red line on the chart) and take profit at the price of 1.0770. Pressure will return in the case of good labor market statistics from the US and a firm position of Fed representatives.
When selling, 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 1.0849, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0822 and 1.0770.
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.Pentru mai multe detalii, va invitam sa vizitati stirea originala.
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