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Trade Review and Tips for Trading the Euro
The test of the 1.0865 price level occurred when the MACD indicator had already moved significantly below the zero line, limiting the pair's downward potential. For this reason, I didn't sell the euro. A subsequent test of this level shortly afterward provided an entry point for Scenario #2 on a buy signal, though the pair didn't experience a substantial rise. Important U.S. economic data is scheduled for release in the afternoon, offering deeper insights into the state of the American economy. Strong data on the unemployment rate, non-farm employment, and average hourly earnings might further justify selling the euro and buying the dollar. Otherwise, the pair may see a significant rise. For the intraday strategy, I'll lean toward Scenario #1, anticipating a strong, directional movement after the data release.
Buy Signal
Scenario #1: Today, buying the euro is possible at around 1.0875 (green line on the chart), targeting a rise to 1.0914. I intend to close the position at 1.0914 and reverse to sell, with an anticipated movement of 30-35 points from the entry point. A strong euro rally this afternoon can only be expected after news indicating challenges in the U.S. labor market. Note: Before buying, ensure the MACD indicator is above the zero line and just beginning its upward move.
Scenario #2: I also plan to buy the euro today if there are two consecutive tests of the 1.0853 price, with the MACD in the oversold zone. This will limit the pair's downward potential and likely prompt a market reversal upward. I anticipate growth toward the opposite levels of 1.0875 and 1.0914.
Sell Signal
Scenario #1: I plan to sell the euro upon reaching the 1.0853 level (red line on the chart), targeting 1.0811, where I'll close the position and immediately buy in the opposite direction, expecting a movement of 20-25 points from this level. Selling pressure is expected to return if the data is strong. Note: Before selling, ensure the MACD is below the zero line and just starting its downward move.
Scenario #2: I also plan to sell the euro today after two consecutive tests of 1.0875, with the MACD in the overbought zone. This will limit the pair's upward potential and likely prompt a market reversal downward. I expect declines toward the opposite levels of 1.0853 and 1.0811.
Chart Key:
Important
Beginner Forex traders must make cautious entry decisions. It's best to stay out of the market before major fundamental reports to avoid sudden price fluctuations. If trading during news releases, always place stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially when trading large volumes without money management.
Remember, successful trading requires a clear trading plan, like the example provided above. Making impulsive trading decisions based on current market situations is inherently 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।
