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23.03.2023 09:33 AM
Analysis and trading tips for EUR/USD on March 23

Analysis of transactions and tips for trading EUR/USD

The pair tested 1.0795 at a time when the MACD line was just starting to move above zero, which was a good reason to buy. There was an upward movement, however, it was not as strong as expected. No other market signal appeared for the rest of the day.

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The Fed's decision on interest rates pushed euro up yesterday as traders saw hints of a return to monetary policy easing due to the risk of further worsening of the banking crisis.

There is nothing else to look forward this morning apart from the Eurozone's consumer confidence indicator, so the focus is likely to be on the US session again, particularly on the release of the weekly jobless claims and volume of housing sales on the primary market. A rise in the latter could bring back demand for dollar, which will lead to a downward correction in EUR/USD.

For long positions:

Buy euro when the quote reaches 1.0941 (green line on the chart) and take profit at the price of 1.0995. Growth is possible, and this will continue the bullish trend. However, make sure that when buying, the MACD line is above zero or is starting to rise from it. Euro can also be bought at 1.0893, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0941 and 1.0995.

For short positions:

Sell euro when the quote reaches 1.0893 (red line on the chart) and take profit at the price of 1.0839. Pressure will return if there is no bullish activity at the monthly highs. However, when selling, make sure that the MACD line is under zero or is starting to move down from it. Euro can also be sold at 1.0941, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0893 and 1.0839.

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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,
InstaForex के विश्लेषणात्मक विशेषज्ञ
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