Analysis and trading tips for EUR/USD on May 9
May 9, 2023 8:22 amVideo
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Analysis of transactions and tips for trading EUR/USD
There was a test of 1.1052, but the MACD line was already far from zero, so the upward potential was limited. A little later, there was another test, and this time it led to a sell signal, which resulted in a price decrease of about 30 pips. No other market signal appeared for the rest of the day.
EUR/USD remained under pressure as investor confidence data for the eurozone declined and the speech of ECB representative Philip Lane was not as positive as expected. Today, speeches from ECB members will continue, but they are unlikely to greatly affect the direction of the pair. The upcoming data from the US, such as the NFIB small business optimism indicator and speech from FOMC member John Williams, will keep trading within a narrow range.
For long positions:
Buy euro when the level of 1.1012 (green line on the chart) is reached and then take profit at the price of 1.1048. Growth will be seen after strong data from the eurozone. However, before buying, traders should make sure that the MACD line is above zero or is starting to rise from it. Euro can also be bought after two consecutive price tests of 1.0991, but the MACD line should be in the oversold area as only by that will the market reverse to 1.1012 and 1.1048.
For short positions:
Sell euro when the level of 1.0991 (red line on the chart) is reached and then take profit at the price of 1.0960. Pressure will return if there is weak buyer activity at daily highs. However, when selling, make sure that the MACD line is below zero or is starting to move down from it. Euro can also be sold after two consecutive price tests of 1.1012, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0991 and 1.0960.
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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