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The test of the 1.0433 level coincided with the MACD indicator just starting to move downward from the zero mark, confirming a valid sell entry to continue the morning trend. However, as seen on the chart, after a 10-point drop, bearish pressure on the euro weakened.
The decline in interest in the euro is evident. This can be attributed not only to political maneuvers but also to broader economic trends. Increased volatility in financial markets has led investors to favor more stable assets, such as the US dollar. This creates additional pressure on the euro, prompting many to revise their forecasts for the pair's direction. Moreover, the disparity in economic indicators between the Eurozone and the US plays a significant role. While the US economy shows strong growth, some European countries are grappling with recession and instability.
Later today, key US economic reports are expected, including the Consumer Confidence Index, Durable Goods Orders, the Richmond Fed Manufacturing Index, and the Housing Price Index. Strong statistics could bolster the dollar. The Consumer Confidence Index is a key indicator reflecting consumer sentiment and willingness to spend. High confidence levels can signal increased consumer spending, positively impacting the economy and strengthening the dollar.
For intraday strategies, I will focus on implementing Scenario #1 and Scenario #2.
Scenario #1: Buy the euro today upon reaching the 1.0445 level (green line on the chart) with a target of 1.0491. I plan to exit the market at 1.0491 and open a sell position in the opposite direction, aiming for a 30-35 point retracement. Expect euro growth today only if US data comes in weak.Important: Before buying, ensure the MACD indicator is above the zero mark and just beginning to rise.
Scenario #2: I also plan to buy the euro today if there are two consecutive tests of the 1.0421 level while the MACD indicator is in the oversold area. This will limit the pair's downward potential and trigger a reversal upward. The expected targets are 1.0445 and 1.0491.
Scenario #1: Sell the euro after the price reaches the 1.0421 level (red line on the chart). The target will be 1.0387, where I plan to exit the market and immediately buy in the opposite direction, aiming for a 20-25 point retracement. Bearish pressure on the pair could return at any time, especially after strong US data.Important: Before selling, ensure the MACD indicator is below the zero mark and just beginning to decline.
Scenario #2: I also plan to sell the euro today if there are two consecutive tests of the 1.0445 level while the MACD indicator is in the overbought area. This will limit the pair's upward potential and trigger a reversal downward. The expected targets are 1.0421 and 1.0387.
Beginner traders should approach market entry decisions with caution. It's better to stay out of the market ahead of major fundamental reports to avoid sudden price swings. If you decide to trade during news releases, always set Stop-Loss orders to minimize losses. Without Stop-Loss protection, you risk losing your entire deposit quickly, especially when trading large volumes without proper risk management.
Finally, successful trading requires a clear trading plan, such as the one outlined above. Spontaneous trading decisions based on current market conditions 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।
