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15.11.202415:38 Forex Analysis & Reviews: EUR/USD: Simple Trading Tips for Beginner Traders on November 15th (U.S. Session)

Trade Analysis and Tips for Trading the Euro

The test of the price at 1.0550 coincided with the MACD indicator just beginning to rise from the zero mark, confirming the ideal entry point for buying the euro. As a result, the pair rose by approximately 30 points, but the target level of 1.0588 was not reached. The second half of the day brings a lot of important data that could influence the direction of the pair. It will begin with reports on US retail sales and industrial production, followed by speeches from FOMC members John Williams and Susan M. Collins. Strong US data would typically prompt buying the dollar. However, I plan to be cautious and refrain from acting hastily at the end of the week. Yesterday clearly indicated that the market is ready for a reversal, so if there is no downward reaction in EUR/USD following strong data, it would be better to consider buying the euro. Regarding the intraday strategy, I will focus more on Scenario 1 and Scenario 2.

Exchange Rates 15.11.2024 analysis

Buy Signal

Scenario #1: I plan to buy the euro today when the price reaches around 1.0582 (green line on the chart), targeting a rise toward 1.0616. At 1.0616, I plan to exit the market and sell the euro in the opposite direction, targeting a move of 30-35 points from the entry point. A significant rise in the euro could occur today if the US data turns out weak. Important: Before buying, confirm that the MACD indicator is above the zero line and beginning to rise.

Scenario #2: I also plan to buy the euro today if the price tests 1.0562 twice, when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to an upward reversal. We can expect a rise toward the levels of 1.0582 and 1.0616.

Sell Signal

Scenario #1: I plan to sell the euro after it reaches 1.0562 (red line on the chart). The target will be 1.0535, where I plan to exit the market and buy immediately in the opposite direction, targeting a move of 20-25 points. The downward pressure on the pair may resume today if US retail sales show growth. Important: Before selling, confirm that the MACD indicator is below the zero line and beginning to decrease.

Scenario #2: I also plan to sell the euro today if the price tests 1.0582 twice when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward reversal. We can expect a decline toward the levels of 1.0562 and 1.0535.

Exchange Rates 15.11.2024 analysis

What's on the Chart:

  • Thin Green Line: The entry price for buying the trading instrument.
  • Thick Green Line: The expected price where you can set Take Profit or fix profits, as further growth above this level is unlikely.
  • Thin Red Line: The entry price for selling the trading instrument.
  • Thick Red Line: The expected price where you can set Take Profit or fix profits, as further decline below this level is unlikely.
  • MACD Indicator: When entering the market, it is important to follow the overbought and oversold zones.

Important Notes:

Beginner traders in the forex market should make entry decisions very carefully. Before important economic reports are released, it is best to stay out of the market to avoid sudden currency fluctuations. If you decide to trade during news releases, always set stop-loss orders to minimize potential losses. Without setting stop-loss orders, you can quickly lose your entire deposit, especially if you are not using proper money management and are trading with large volumes.

Remember that for successful trading, you need a clear trading plan, similar to the one provided above. Making spontaneous trading decisions based on current market conditions is inherently a losing strategy for intraday traders.

*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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