empty
 
 
23.01.2023 11:35 AM
Analysis and trading tips for EUR/USD on January 23

Analysis of transactions and tips for trading EUR/USD

Euro tested 1.0806 when the MACD line was just starting to move above zero, which was a good reason to buy. It resulted in a price increase of around 12 pips. No other signals appeared for the rest of the day.

This image is no longer relevant

PPI data in Germany was much worse than expected, increasing expectations of further interest rate hikes in the eurozone. Upcoming report on consumer confidence may also boost expectations of further gains against dollar, especially since there are no other statistics that will affect the balance of power. Only the US index of leading economic indicators is due to be released, but it has little to do with the forex market.

For long positions:

Buy euro when the quote reaches 1.0929 (green line on the chart) and take profit at the price of 1.0977. Growth will occur if ECB chief Christine Lagarde give hawkish comments on monetary policy. 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 1.0887, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0929 and 1.0977.

For short positions:

Sell euro when the quote reaches 1.0887 (red line on the chart) and take profit at the price of 1.0837. Pressure will return if the attempt to break above the monthly high fails. 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 1.0929, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.0887 and 1.0837.

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
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback