Analysis of Trades and Trading Tips for the European Currency

Testing the 1.0747 price level in the first half of the day coincided with the MACD indicator just starting to move above the zero line, confirming a good entry point for buying the euro. At the time of writing this review, the signal was still valid, and I did not revise it or exit the market. Considering that the only data for the second half of the day is the NAHB Housing Market Index, it is likely that the euro will continue to rise against the US dollar, benefiting from a lack of sellers even at current levels. Regarding the intraday strategy, I plan to act based on the implementation of scenarios No. 1 and No. 2.

Buy Signal

Scenario No. 1: Today, I plan to buy the euro upon reaching the 1.0747 price level (green line on the chart) with a target of rising to 1.0780. At 1.0780, I will exit the market and also sell the euro in the opposite direction, aiming for a move of 30-35 points from the entry point. An upward movement in the euro today can be expected only after very weak US data. Important! Before buying, ensure that the MACD indicator is above the zero line and just starting to rise from it.

Scenario No. 2: Today, I also plan to buy the euro in the event of two consecutive tests of the 1.0727 price level when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to a market reversal upwards. We can expect a rise to the opposite levels of 1.0747 and 1.0780.

Sell Signal

Scenario No. 1: I will sell the euro after reaching the 1.0727 level (red line on the chart). The target will be the 1.0687 level, where I plan to exit the market and immediately buy the euro in the opposite direction (aiming for a move of 20-25 points in the opposite direction from the level). Pressure on the pair will return in case of strong US statistics. Important! Before selling, ensure that the MACD indicator is below the zero line and just starting to decline from it.

Scenario No. 2: Today, I also plan to sell the euro in the event of two consecutive tests of the 1.0747 price level when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a market reversal downwards. We can expect a decline to the opposite levels of 1.0727 and 1.0687.

What's on the chart:

• Thin green line: Entry price for buying the trading instrument.
• Thick green line: Estimated price for setting Take Profit or taking profits manually, as further growth above this level is unlikely.
• Thin red line: Entry price for selling the trading instrument.
• Thick red line: Estimated price for setting Take Profit or taking profits manually, as further decline below this level is unlikely.
• MACD Indicator: It is important to use overbought and oversold zones when entering the market.

Important: Beginner traders in the forex market need to make entry decisions very cautiously. It is best to stay out of the market before the release of important fundamental reports to avoid sharp exchange rate fluctuations. If you decide to trade during news releases, always set stop-loss orders to minimize losses. Without stop-loss orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

Remember, successful trading requires a clear trading plan, like the one presented above. Making spontaneous trading decisions based on the current market situation is initially a losing strategy for intraday traders.