Analysis and trading tips for EUR/USD on October 10 (US session)
October 10, 2023 1:22 pm
Analysis of transactions and trading tips on EUR/USD
The test of 1.0572 earlier in the day, coinciding with the upward movement of the MACD line from zero, prompted a buy signal that led to a price increase of around 40 pips. This allowed the pair to reach the target level of 1.0610, where sales occurred sometime later, resulting in a decline of about 30 pips.
Statements of FOMC members Raphael Bostic, Christopher Waller, and Neel Kashkari could lead to the further decline in the pair, especially if they show a tough stance and hint about future interest rate hikes.
For long positions:
Buy when euro hits 1.0599 (green line on the chart) and take profit at the price of 1.0645. Growth will occur in continuation of the upward correction, influenced by statements from Fed representatives. However, when buying, ensure that the MACD line lies above zero or rises from it.
Euro can also be bought after two consecutive price tests of 1.0567, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0599 and 1.0645.
For short positions:
Sell when euro reaches 1.0567 (red line on the chart) and take profit at the price of 1.0526. Pressure will return in the case of strong statements from Fed representatives regarding future interest rates. However, when selling, 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 1.0599, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0567 and 1.0526.
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
Analysis of transactions and trading tips on EUR/USD
The test of 1.0572 earlier in the day, coinciding with the upward movement of the MACD line from zero, prompted a buy signal that led to a price increase of around 40 pips. This allowed the pair to reach the target level of 1.0610, where sales occurred sometime later, resulting in a decline of about 30 pips.
Statements of FOMC members Raphael Bostic, Christopher Waller, and Neel Kashkari could lead to the further decline in the pair, especially if they show a tough stance and hint about future interest rate hikes.
For long positions:
Buy when euro hits 1.0599 (green line on the chart) and take profit at the price of 1.0645. Growth will occur in continuation of the upward correction, influenced by statements from Fed representatives. However, when buying, ensure that the MACD line lies above zero or rises from it.
Euro can also be bought after two consecutive price tests of 1.0567, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0599 and 1.0645.
For short positions:
Sell when euro reaches 1.0567 (red line on the chart) and take profit at the price of 1.0526. Pressure will return in the case of strong statements from Fed representatives regarding future interest rates. However, when selling, 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 1.0599, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0567 and 1.0526.
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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