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28.02.202406:57 Forex Analysis & Reviews: Analysis and trading tips for EUR/USD on February 28

Analysis of transactions and tips for trading EUR/USD

The test of 1.0850 occurred during the drop of the MACD line from zero. This provoked a sell signal, which resulted in a price decrease of about 15 pips.

Reports on the leading consumer climate index in Germany, changes in the M3 money supply in the eurozone, and the volume of private sector lending had no impact on the market. Similarly, weak data on consumer confidence and durable goods orders in the US did not affect EUR/USD's direction, indicating that the market found balance and trading will likely continue within the channel.

Today, nothing important will come out besides the report on consumer confidence in the eurozone. Pressure may increase in the case of another weak activity from buyers around the weekly high.

Exchange Rates 28.02.2024 analysis

For long positions:

Buy when euro hits 1.0849 (green line on the chart) and take profit at the price of 1.0884. Growth will occur after strong data from the eurozone.

When buying, make sure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0820, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0849 and 1.0884.

For short positions:

Sell when euro reaches 1.0820 (red line on the chart) and take profit at the price of 1.0784. Pressure will increase in the case of unsuccessful bullish activity around the daily high.

When selling, make sure that the MACD line lies under zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0849, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0820 and 1.0784.

Exchange Rates 28.02.2024 analysis

What's on the chart:

Thin green line - entry price at which you can buy EUR/USD

Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

Thin red line - entry price at which you can sell EUR/USD

Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.

MACD line- it is important to be guided by overbought and oversold areas when entering the market

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decision based on the current market situation is an inherently losing strategy for an intraday trader.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Jakub Novak,
Analytical expert of InstaSpot
© 2007-2024
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