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Forex Analysis & Reviews: Analysis and trading tips for EUR/USD on August 22
time 22.08.2022 09:56 AM
time Relevance up to, 23.08.2022 08:42 AM

Analysis of transactions in the EUR / USD pair

The test of 1.0074 took place at the moment when the MACD was just starting to move below zero, which was a good signal to sell. Considering the weak statistics that came out on the German economy, it was not surprising that the pair fell by 30 pips. Buying at 1.0043 also did not bring much profit.

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The increase of producer prices in Germany to 5.7% in July hurt the economy and forced the European Central Bank to act more aggressively in terms of raising interest rates, which, in normal times, should have led to a rise in euro. However, this is not the case right now as the economy is rapidly moving into recession.

There are no important statistics that could drastically affect the market direction today, and it is likely that the report from the Bundesbank will be ignored as it is of little interest. In the afternoon, apart from the National Activity Index of the Chicago Fed, there is also nothing interesting to look forward to, so expect EUR/USD to trade horizontally.

For long positions:

Buy euro when the quote reaches 1.0047 (green line on the chart) and take profit at the price of 1.0092. However, there is little chance for a rally today, especially since a bearish market is brewing.

Take note that when buying, the MACD line should be above zero or is starting to rise from it. Euro can also be bought at 1.0018, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0047 and 1.0092.

For short positions:

Sell euro when the quote reaches 1.0018 (red line on the chart) and take profit at the price of 0.9969. Pressure will most likely continue, so sell at every opportunity.

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 1.0047, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.0018 and 0.9969.

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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,
Analytical expert of InstaForex
© 2007-2023
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