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24.01.2023 09:23 AM
Analysis and trading tips for EUR/USD on January 24

Analysis of transactions and tips for trading EUR/USD

Euro tested 1.0887 when the MACD line was already far from zero, so the downside potential was limited. No other signals appeared for the rest of the day.

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Monday was not the best day for euro as the speeches of ECB representatives did not help the currency rally, while the consumer confidence index data for the whole Euro area prompted a price decline during the US session. Fortunately, there is a chance for growth today as ahead are CPI data in Germany, as well as the manufacturing and services PMI for the whole Euro area. The afternoon session will feature similar reports in the US, but with an added composite PMI data and Fed-Richmond manufacturing index. Rising numbers will lead to a stronger dollar and a further downward correction in EUR/USD.

For long positions:

Buy euro when the quote reaches 1.0901 (green line on the chart) and take profit at the price of 1.0940. Growth will occur if the eurozone releases very good activity figures. However, before buying, make sure that the MACD line is above zero or is starting to rise from it. Euro can also be bought at 1.0875, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0901 and 1.0940.

For short positions:

Sell euro when the quote reaches 1.0875 (red line on the chart) and take profit at the price of 1.0837. Pressure will return if the eurozone reports weak PMI data. But take note that when selling, the MACD line should be below zero or is starting to move down from it. Euro can also be sold at 1.0901, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.0875 and 1.0837.

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What's on the chart:

The thin green line is the key level at which you can place long positions in the EUR/USD pair.

The thick green line is the target price, since the quote is unlikely to move above this level.

The thin red line is the level at which you can place short positions in the EUR/USD pair.

The thick red line is the target price, since the quote is unlikely to move below this level.

MACD line - when entering the market, it is important to be guided by the overbought and oversold zones.

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.

Jakub Novak,
الخبير التحليلي لدى شركة إنستافوركس
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