How to trade EUR/USD on May 24? Simple tips for beginners.

The EUR/USD currency pair resumed its upward movement on Monday as part of the current uptrend. Let's not hide it, we didn't expect that, however, the market has clearly shown at the beginning of the week that it was set for more long positions on the pair. The ascending trend line remains relevant, so there is no reason to expect a strong fall in the euro currency now. Although the euro still has no reason to count on strong growth, this growth can still be purely technical. Recall that over the past two weeks (when the upward trend began on the 30-minute timeframe), there were no changes in the geopolitical or fundamental background. Accordingly, the current growth can only be technical. Even today, the pair began to grow at night, that is, until the moment when it could even hypothetically receive important information that could provoke the growth of the euro currency. Consequently, the market has begun a long-awaited correction, which can now last for a very long time. Although it is absolutely unrealistic to say how long it will last. It is best to focus on the trend lines. Especially when they are available.

The technical picture on the 5-minute timeframe looks much better today than on Friday. A blatant flat was observed at the beginning of the European trading session, but in the Asian trading session and in the second half of the European session, the pair was already trading with an increase. Therefore, the first signal was formed when the price overcame the level of 1.0607. This signal should not have been processed, as the pair immediately found itself near the following level at 1.0636. A rebound from the level of 1.0636 also should not have been worked out, since the pair immediately appeared near the level of 1.0607. The situation with these levels has been ambiguous, as they are not close enough to each other to be considered an area, but not far enough apart to trade between them. Either way, it wasn't worth the risk. Therefore, it was possible to work out the last signal for long positions, when the price settled above the level of 1.0636. After that, the pair managed to move up 40 points, but failed to reach the target level of 1.0697 by only a few points. Therefore, novice traders could manually close the deal in the late afternoon with a profit of about 25 points.

The ascending trendline on the 30-minute timeframe has been slightly rebuilt and remains relevant. As long as the pair is above it, the upward trend continues. If the price settles lower, then the downward trend will most likely resume, and the euro will go back to falling to the level of 1.0354. However, now the euro is getting stronger every day, so its prospects are improving. Although this growth looks like a purely technical one. On the 5-minute TF on Tuesday it is recommended to trade at the levels of 1.0564, 1.0607, 1.0636, 1.0697, 1.0727, 1.0760. When passing 15 points in the right direction, you should set Stop Loss to breakeven. The European Union is set to publish indexes of business activity in manufacturing and services. The same reports will also be published in the US. We do not believe that these data can greatly affect the pair's movement. It is now moving strongly and trendily and without macroeconomic statistics. But the evening speeches from Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde can greatly affect the market. But it will take place in the evening, when newcomers will have to leave the market.

1) The signal strength is calculated by the time it took to form the signal (bounce or overcome the level). The less time it took, the stronger the signal.

2) If two or more deals were opened near a certain level based on false signals (which did not trigger Take Profit or the nearest target level), then all subsequent signals from this level should be ignored.

3) In a flat, any pair can form a lot of false signals or not form them at all. But in any case, at the first signs of a flat, it is better to stop trading.

4) Trade deals are opened in the time period between the beginning of the European session and until the middle of the American one, when all deals must be closed manually.

5) On the 30-minute TF, using signals from the MACD indicator, you can trade only if there is good volatility and a trend, which is confirmed by a trend line or a trend channel.

6) If two levels are located too close to each other (from 5 to 15 points), then they should be considered as an area of support or resistance.

Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

Red lines are the channels or trend lines that display the current trend and show in which direction it is better to trade now.

The MACD indicator (14,22,3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend lines (channels and trend lines).

Important speeches and reports (always contained in the news calendar) can greatly influence the movement of a currency pair. Therefore, during their exit, it is recommended to trade as carefully as possible or exit the market in order to avoid a sharp price reversal against the previous movement.

Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time.