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13.11.202409:06 Forex Analysis & Reviews: EURUSD: Simple Trading Tips for Beginner Traders on November 13. Review of Yesterday's Forex Trades

Relevancia 01:00 2024-11-14 UTC--5

Trade Analysis and Tips for Trading the Euro

The test of the 1.0610 level coincided with the MACD indicator just starting its downward movement from the zero mark, confirming the correct entry point for selling the euro. However, as these were new monthly lows during the second half of the U.S. session, selling pressure on the pair eased after a 15-pip drop. Weak data from the ZEW business sentiment index and the ZEW current situation index for Germany and the Eurozone pressured the euro further. Additionally, comments from U.S. politicians led to a larger sell-off in the second half of the day. With no significant data releases from the Eurozone today, euro buyers may have a chance for a correction ahead of the key U.S. inflation data. My intraday strategy will rely mainly on implementing Scenarios 1 and 2.

Exchange Rates 13.11.2024 analysis

Buy Signal

Scenario 1:

Today, I plan to buy the euro if the price reaches the entry point at 1.0625 (green line on the chart), aiming for growth to 1.0657. At 1.0657, I plan to exit the market and sell the euro in the opposite direction, targeting a 30-35 pip movement from the entry point. Expect the euro to rise in the first half of the day as part of an upward correction. 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 if there are two consecutive tests of the 1.0599 level, with the MACD indicator in the oversold zone. This will limit the pair's downward potential and lead to an upward market reversal. The targets are 1.0625 and 1.0657.


Sell Signal

Scenario 1:

I plan to sell the euro after the price reaches 1.0599 (red line on the chart). The target will be 1.0573, where I will exit the market and buy immediately in the opposite direction, expecting a 20-25 pip movement from the level. Selling pressure on the pair could return at any moment, but it's best to sell as high as possible. 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 if there are two consecutive tests of the 1.0625 level, with the MACD indicator in the overbought zone. This will limit the pair's upward potential and lead to a downward market reversal. The targets are 1.0599 and 1.0573.

Exchange Rates 13.11.2024 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.

*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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