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27.01.2023 08:37 AM
Analysis and trading tips for EUR/USD on January 27

Analysis of transactions and tips for trading EUR/USD

The test of 1.0902 occurred when the MACD line was just starting to move below zero, which was a pretty good signal to sell. It led to a price decrease of around 20 pips. Sometime later, another test took place, but this time it was at 1.0861 and has led to a price increase of about 30 pips. No other signals appeared for the rest of the day.

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The strong US GDP report boosted dollar up on Thursday, halting the bull market for EUR/USD. Most likely, this momentum will continue today as nothing could affect market volatility, not even the upcoming data on the M3 monetary aggregate and private sector lending in the eurozone. Of course, ECB President Christine Lagarde's speech could bring back risk appetite, but it will be much later in the week.

More exciting reports await in the afternoon, namely the core PCE index, the Fed's preferred inflation figure, the change in spending levels and personal income, the consumer sentiment index, and inflation expectations index from the University of Michigan. Good readings will raise dollar demand further, which will lead to a decline in EUR/USD, similar to that of yesterday's.

For long positions:

Buy euro when the quote reaches 1.0890 (green line on the chart) and take profit at the price of 1.0925. Growth could occur if the economic data for the Euro area comes out better than expected. 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 1.0852, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0890 and 1.0925.

For short positions:

Sell euro when the quote reaches 1.0852 (red line on the chart) and take profit at the price of 1.0816. Pressure will increase if the upcoming US data exceeds expectations. However, make sure that when selling, the MACD line is below zero or is starting to move down from it. Euro can also be sold at 1.0890, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0852 and 1.0816.

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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,
انسٹافاریکس کا تجزیاتی ماہر
© 2007-2023
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