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Analysis of Trades and Tips for Trading the Euro
The 1.1114 price level was tested just as the MACD indicator started moving up from the zero mark, confirming a correct entry point to buy euros. As a result, the pair only gained 10 points before stalling. European statistics, primarily related to the Italian economy, failed to influence traders, limiting the pair's upward potential. Ahead, we only have the U.S. Empire Manufacturing Index report, which is unlikely to strongly support euro buyers, even if the data is weak. Therefore, I expect the pair to trade within a range. Regarding my intraday strategy, I plan to follow scenario No. 2.
Buy Signal
Scenario No. 1: Today, I plan to buy euros when the price reaches the 1.1136 level (green line on the chart) with a target of 1.1178. At 1.1178, I will exit the market and sell euros in the opposite direction, aiming for a 30-35 point movement from the entry point. A significant upward move in the euro can be expected within the uptrend, though this is unlikely without supportive statistical data. It's important to ensure the MACD indicator is above the zero mark and just starting to rise before buying.
Scenario No. 2: I also plan to buy euros today if the 1.1107 price level is tested twice consecutively and the MACD indicator is in the oversold area. This will limit the pair's downside potential and prompt an upward reversal. Growth toward the resistance levels of 1.1136 and 1.1178 can be expected.
Sell Signal
Scenario No. 1: I will sell euros after the price reaches the 1.1107 level (red line on the chart). My target will be 1.1065, where I will exit the market and buy euros in the opposite direction (aiming for a 20-25 point movement). Pressure on the pair will return if activity around the daily high remains weak. It's important to ensure the MACD indicator is below the zero mark and just starting to decline before selling.
Scenario №2: I also plan to sell euros today if the 1.1136 price level is tested twice consecutively and the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward reversal. A decline can be expected toward the support levels of 1.1107 and 1.1065.
What's on the chart:
Important: Beginner traders in the forex market should be very cautious when making market entry decisions. Before the release of important fundamental reports, it is best to stay out of the market to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always set stop-loss orders to minimize losses. Without stop-loss orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.
And remember, to trade successfully, you need a clear trading plan, like the one presented above. Spontaneous trading decisions based on the current market situation are a losing strategy for intraday traders.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
