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14.11.202409:06 Forex Analysis & Reviews: EURUSD: Simple Trading Tips for Beginner Traders on November 14. Review of Yesterday's Forex Trades

Trade Analysis and Tips for Trading the Euro

The test of the 1.0610 level occurred when the MACD indicator was beginning its downward movement from the zero mark, confirming the correct entry point for selling the euro. As a result, the pair dropped to the target level of 1.0573, yielding approximately 40 pips of profit. Strong U.S. data reflecting sustained price pressure in October contributed to the dollar's growth, supported by statements from U.S. policymakers.

Today, the Eurozone will release a significant amount of data. The day begins with the Eurozone GDP report for Q3 and concludes with weak data on industrial production and the European Central Bank monetary policy meeting minutes. These data are unlikely to favor euro buyers, so caution is advised. Additionally, speeches by ECB President Christine Lagarde and ECB Executive Board Member Isabel Schnabel will play a critical role in setting market direction, with a dovish tone potentially pushing the euro even lower. I will focus primarily on Scenario 1 and Scenario 2 for intraday strategy.

Exchange Rates 14.11.2024 analysis

Buy Signal

Scenario 1:

Today, buying the euro is possible upon reaching the 1.0571 level (green line on the chart) with a target of 1.0614. At 1.0614, I plan to exit the market and sell the euro in the opposite direction, expecting a 30–35 pip movement from the entry point. Buying the euro today in the first half of the day is advisable only after robust data and within a corrective upward movement. Important! Before buying, ensure the MACD indicator is above the zero mark and starting to rise.

Scenario 2:

I also plan to buy the euro today in the event of two consecutive tests of the 1.0536 level when the MACD indicator is in the oversold zone. This will limit the pair's downward potential and lead to an upward market reversal. Growth toward the opposing levels of 1.0571 and 1.0614 can be expected.

Sell Signal

Scenario 1:

I plan to sell the euro after reaching the 1.0536 level (red line on the chart). The target will be 1.0496, where I plan to exit the market and immediately buy in the opposite direction, expecting a 20–25 pip movement from the level. Selling pressure on the pair can return anytime, but selling at higher levels is preferable. Important! Before selling, ensure the MACD indicator is below the zero mark and starting to decline.

Scenario 2:

I also plan to sell the euro today in the event of two consecutive tests of the 1.0571 level when the MACD indicator is in the overbought zone. This will limit the pair's upward potential and lead to a downward market reversal. A decline toward the opposing levels of 1.0536 and 1.0496 can be expected.

Exchange Rates 14.11.2024 analysis

Chart Indicators:

Thin Green Line – Entry price to buy the instrument.

Thick Green Line – Suggested price level for setting Take Profit or manually taking profits, as further growth beyond this level is unlikely.

Thin Red Line – Entry price to sell the instrument.

Thick Red Line – Suggested price level for setting Take Profit or manually taking profits, as further decline beyond this level is unlikely.

MACD Indicator – When entering the market, consider overbought and oversold zones.

Important: Novice traders should exercise caution when entering the market. Before the release of significant fundamental reports, it is best to stay out of the market to avoid sudden price swings. If you choose to trade during news releases, always set stop orders to minimize losses. You may quickly lose your entire deposit without stop orders, especially if trading large volumes without proper money management.

Remember, successful trading requires a clear plan, like the above example. Spontaneous trading decisions based on current market conditions are inherently a losing strategy for an intraday trader.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Jakub Novak,
Analytical expert of InstaSpot
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