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08.02.2023 08:47 AM
Analysis and trading tips for EUR/USD on February 8

Analysis of transactions and tips for trading EUR/USD

The downside potential was limited because the test of 1.0728 occurred at a time when the MACD line had already moved far from zero. Similarly, purchases around 1.0687 did not bring much success as the pair only reached a breakeven. No other signals appeared for the rest of the day.

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Euro slumped further as data on Germany's industrial output and France's foreign trade balance continued to fall. Speech from Fed Chairman Jerome Powell also halted the buying pressure, preventing EUR/USD to recover during the US session

Once again, there are no important statistics scheduled to be released today, so it is likely that the sideways trend will continue. Nevertheless, it is important to pay attention to the upcoming private sector employment data in Italy and France's retail sales report even though the two have little to do with the forex market. There will also be a speech from ECB Board member Frank Elderson. In the afternoon, the US will release a report on wholesale sales, followed by a speech from Fed officials. Hawkish comments will play into the side of dollar.

For long positions:

Buy euro when the quote reaches 1.0759 (green line on the chart) and take profit at the price of 1.0798. Growth could occur, but it is unlikely that the pair will break out of the sideways trend. Nevertheless, make sure that when buying, the MACD line is above zero or is starting to rise from it. Euro can also be bought at 1.0723, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0759 and 1.0798.

For short positions:

Sell euro when the quote reaches 1.0723 (red line on the chart) and take profit at the price of 1.0674. Pressure will remain if Fed representatives support the idea of raising rates further in the US. 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 1.0759, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0723 and 1.0674.

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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,
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