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Analysis of Trades and Tips for Trading the Euro:
The first test of the price at 1.1186 occurred when the MACD indicator had significantly moved below the zero mark, which limited the pair's further downward potential—especially notable within the upward trend observed all day yesterday. For this reason, I refrained from selling the euro. Shortly afterward, a second test of 1.1186 occurred while the MACD was in the oversold area, setting the stage for scenario #2 to buy the euro, which ultimately led nowhere. The pair moved up by about 10 points, and that concluded the activity. In the second half of the day, we anticipate data on US new home sales for August, as well as a speech by Federal Reserve representative Adriana Kugler. Poor statistics and direct statements advocating for further rate cuts could trigger a new wave of euro growth. Otherwise, we will continue trading within the current channel. For the intraday strategy, I plan to act based on the implementation of scenarios #1 and #2.
Buy Signal:
Sell Signal:
What's on the Chart:
Important Tips for Beginner Forex Traders: It's crucial to be very cautious when making market entry decisions. It's best to stay out of the market before the release of significant fundamental reports to avoid exposure to sharp price fluctuations. If you decide to trade during news releases, always set stop-loss orders to minimize losses. Without stop-loss orders, you could quickly deplete your entire deposit, especially if trading large volumes without proper money management.
And remember, successful trading requires a clear plan, like the one presented above. Making spontaneous trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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