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05.07.202208:58 Forex Analysis & Reviews: Analysis and trading tips for EUR/USD on July 5

Analysis of transactions in the EUR / USD pair

Inflation continues to grow and is not going to slow down. But for now, markets will shift their focus on the upcoming reports on business activity in France, Germany, Italy and the Euro area, which, if show a huge slowdown, will lead to a decline in EUR/USD. In the afternoon, the US will release data on durable goods and industrial orders, and these may further increase demand for the dollar provided that the values exceed expectations. However, euro buyers may continue to buy back yearly lows, which will lead to a rebound.

Exchange Rates 05.07.2022 analysis

For long positions:

Buy euro when the quote reaches 1.0455 (green line on the chart) and take profit at the price of 1.0490 (thicker green line on the chart). There is a chance for a rally today, but only after strong statistics in the Euro area. Also, make sure that when buying, the MACD line is above zero or is starting to rise from it. Euro can also be bought at 1.0422, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0455 and 1.0490.

For short positions:

Sell euro when the quote reaches 1.0422 (red line on the chart) and take profit at the price of 1.0374. Pressure will return if upcoming data in the Euro area turns out worse than expected. However, when selling, make sure that the MACD line is below zero or is starting to move down from it. Euro can also be sold at 1.0455, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.0422 and 1.0374.

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.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Jakub Novak,
Esperto analista di InstaForex
© 2007-2022
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