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27.08.2024 10:36 AM
EUR/USD: Simple Trading Tips for Beginners on August 27. Analysis of Yesterday's Forex Trades

Trade Analysis and Tips for Trading the Euro

The price test of 1.1167 came when the MACD indicator dropped significantly from the zero mark, limiting the pair's downside potential. For this reason, I did not sell the euro against the trend, especially near the daily low. The lack of data affected buyers' positions, but as soon as the euro became more attractive for buying due to a good correction, the bulls immediately took advantage of the moment and returned to the market. Today, only data on changes in Germany's GDP will be released in the first half of the day, which might restore the upward potential for EUR/USD. It will be enough that the data does not disappoint traders too much. For the intraday strategy, I will rely more on scenarios No. 1 and 2.

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Buy Signal

Scenario No 1: Today, you can buy the euro when the price reaches 1.1179, plotted by the green line on the chart, with the goal of rising to 1.1209. At 1.1209, I plan to exit the market and sell the euro in the opposite direction, counting on a movement of 30-35 pips from the entry point. It will be possible to count on the euro's growth today in the first half of the day after good data on Germany. Important: Before buying, ensure the MACD indicator is above the zero mark and starting to rise from it.

Scenario No 2: I am also going to buy the euro today in case of two consecutive tests of 1.1159 when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to a reverse market upturn. We can expect growth to the opposite levels of 1.1179 and 1.1209.

Sell Signal

Scenario No 1: I plan to sell the euro after reaching the level of 1.1159, plotted by the red line on the chart. The target will be the level of 1.1135, where I will exit the market and buy immediately in the opposite direction (expecting a movement of 20-25 pips in the opposite direction from the level). Pressure on EUR/USD will return today only after weak data and the absence of buyers near the daily high. Important: Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.

Scenario No 2: I am also going to sell the euro today in case of two consecutive price tests of 1.1179 when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a reverse market downturn. One can expect a decline to the opposite levels of 1.1159 and 1.1135.

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What's on the Chart:

Thin green line: the entry price at which you can buy the trading instrument.

Thick green line: the estimated price at which you can set Take Profit or manually close positions, as further growth above this level is unlikely.

Thin red line: the entry price at which you can sell the trading instrument.

Thick red line: an estimated price at which you can place Take Profit or manually close positions, as further decline below this level is unlikely.

MACD indicator: when entering the market, it is essential to be guided by overbought and oversold zones.

Important: Novice traders in the forex market need to be very careful when making decisions about entering the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. You must set stop orders to avoid losing your entire deposit, especially if you don't use money management and trade in large volumes.

Remember, a clear trading plan, like the one I've outlined, is essential for successful trading. Making impulsive decisions based on the current market situation is a losing strategy for novice intraday traders.

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