empty
 
 
sp
Soporte
Apertura instantánea de la cuenta
Plataforma comercial
Depositar/Retirar

01.11.202415:53 Forex Analysis & Reviews: EUR/USD: Simple Trading Tips for Beginner Traders on November 1st (U.S. Session)

Trade Review and Tips for Trading the Euro

The test of the 1.0865 price level occurred when the MACD indicator had already moved significantly below the zero line, limiting the pair's downward potential. For this reason, I didn't sell the euro. A subsequent test of this level shortly afterward provided an entry point for Scenario #2 on a buy signal, though the pair didn't experience a substantial rise. Important U.S. economic data is scheduled for release in the afternoon, offering deeper insights into the state of the American economy. Strong data on the unemployment rate, non-farm employment, and average hourly earnings might further justify selling the euro and buying the dollar. Otherwise, the pair may see a significant rise. For the intraday strategy, I'll lean toward Scenario #1, anticipating a strong, directional movement after the data release.

Exchange Rates 01.11.2024 analysis

Buy Signal

Scenario #1: Today, buying the euro is possible at around 1.0875 (green line on the chart), targeting a rise to 1.0914. I intend to close the position at 1.0914 and reverse to sell, with an anticipated movement of 30-35 points from the entry point. A strong euro rally this afternoon can only be expected after news indicating challenges in the U.S. labor market. Note: Before buying, ensure the MACD indicator is above the zero line and just beginning its upward move.

Scenario #2: I also plan to buy the euro today if there are two consecutive tests of the 1.0853 price, with the MACD in the oversold zone. This will limit the pair's downward potential and likely prompt a market reversal upward. I anticipate growth toward the opposite levels of 1.0875 and 1.0914.

Sell Signal

Scenario #1: I plan to sell the euro upon reaching the 1.0853 level (red line on the chart), targeting 1.0811, where I'll close the position and immediately buy in the opposite direction, expecting a movement of 20-25 points from this level. Selling pressure is expected to return if the data is strong. Note: Before selling, ensure the MACD is below the zero line and just starting its downward move.

Scenario #2: I also plan to sell the euro today after two consecutive tests of 1.0875, with the MACD in the overbought zone. This will limit the pair's upward potential and likely prompt a market reversal downward. I expect declines toward the opposite levels of 1.0853 and 1.0811.

Exchange Rates 01.11.2024 analysis

Chart Key:

  • Thin Green Line – Entry price to buy the trading instrument.
  • Thick Green Line – Potential price for setting Take Profit or securing profit, as further growth above this level is unlikely.
  • Thin Red Line – Entry price to sell the trading instrument.
  • Thick Red Line – Potential price for setting Take Profit or securing profit, as further declines below this level are unlikely.
  • MACD Indicator: It's crucial to monitor overbought and oversold zones when entering the market.

Important

Beginner Forex traders must make cautious entry decisions. It's best to stay out of the market before major fundamental reports to avoid sudden price fluctuations. If trading during news releases, always place stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially when trading large volumes without money management.

Remember, successful trading requires a clear trading plan, like the example provided above. Making impulsive trading decisions based on current market situations is inherently a losing strategy for intraday traders.

*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
Benefíciese de las recomendaciones de los analistas ahora mismo
Recargue su cuenta de operaciones
Abra una cuenta de operaciones

¡Los informes analíticos de InstaSpot lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaSpot, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.