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Analysis and trading tips for EUR/USD on June 16 (US session)
June 16, 2023 11:23 amVideo
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Market signals did not appear in EUR/USD as no price tests occurred in the morning. Volatility also did not spike due to inflation in the Eurozone aligning with forecasts.
Euro may show movement in the afternoon, after the release of consumer sentiment index and inflation expectations from the University of Michigan. Better-than-expected numbers will bring back pressure, which could lead to sell-offs. Meanwhile, inactivity of sellers may encourage new purchases, and this will continue the upward rally formed after yesterday’s decision by the ECB to raise rates. The speech by FOMC member Christopher Waller will not be of great interest.
For long positions:
Buy when euro hits 1.0962 (green line on the chart) and take profit at the price of 1.1013. Growth will occur after weak US data. However, before buying, traders should make sure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0935, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0962 and 1.1013.
For short positions:
Sell when euro reaches 1.0935 (red line on the chart) and take profit at the price of 1.0880. Pressure will return in the case of inactivity at the highs and good data from the University of Michigan. However, before selling, traders should make sure that the MACD line lies below zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0962, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0935 and 1.0880.
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.
The material has been provided by InstaForex Company – www.instaforex.com
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