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27.12.202409:40 Forex Analysis & Reviews: Intraday Strategies for Beginner Traders on December 27

Buyers of the euro and the pound are currently taking a wait-and-see approach. Without any significant news or fundamental events to guide them, the market is lacking strong directional movement.

Yesterday, some pound sellers tried to make moves following positive U.S. labor market data, but the results were unimpressive. Although the data did not contain any surprises, it introduced a degree of uncertainty into short-term forecasts. Rather than generating the expected momentum, traders continued to monitor market movements, awaiting clearer signals from central banks. Meanwhile, despite their efforts, euro buyers were unable to gain traction, and the charts indicate that their attempts to strengthen the currency have not been successful. In this uncertain environment, traders appear to prefer holding their positions instead of taking on additional risks.

Today, there are no data releases scheduled from the Eurozone, which is likely to result in trading remaining within a narrow horizontal channel. Therefore, no significant developments are expected in the first half of the day.

If the data aligns with economists' expectations, it is advisable to use the Mean Reversion strategy. However, if the data comes in significantly above or below expectations, the Momentum strategy is recommended.

Momentum Strategy (Breakout):

For EUR/USD Pair:

• Buy on a breakout above 1.0413, may lead to the euro rising to the area of 1.0446 and 1.0476.
• Sell on a breakout below 1.0380, may lead to the euro falling to the area of 1.0347 and 1.0308.

For GBP/USD Pair:

• Buy on a breakout above 1.2536, may lead to the pound rising to the area of 1.2571 and 1.2611.
• Sell on a breakout below 1.2503, may lead to the pound falling to the area of 1.2478 and 1.2432.

For USD/JPY Pair:

• Buy on a breakout above 157.92, may lead to the dollar growing to the area of 158.21 and 158.46.
• Sell on a breakout below 157.58, may lead to dollar sell-offs in the 157.28 and 156.94.

Mean Reversion Strategy:

For EUR/USD Pair

• I will look for sell opportunities after a failed breakout above 1.0421 and a return below this level.
• I will look for buy opportunities after a failed breakout below 1.0400 and a return above this level.

For GBP/USD Pair

• I will look for sell opportunities after a failed breakout above 1.2533 and a return below this level.
• I will look for buy opportunities after a failed breakout below 1.2515 and a return above this level.

For AUD/USD Pair

• I will look for sell opportunities after a failed breakout above 0.6230 and a return below this level.
• I will look for buy opportunities after a failed breakout below 0.6206 and a return above this level.

For USD/CAD Pair

• I will look for sell opportunities after a failed breakout above 1.4415 and a return below this level.
• I will look for buy opportunities after a failed breakout below 1.4397 and a return above this level.

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

Miroslaw Bawulski,
Analytical expert of InstaSpot
© 2007-2024

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