Although inflation in the Euro area reportedly increased, the core index showed a slight dip, which means that there is no solid reason for the ECB to continue raising rates.
With regards to EUR/USD, there was a test of 1.0979 just when the MACD started moving downwards, which was a good reason to sell. This resulted in a decline of about 30 pips.
Euro's decline may continue if the US releases very good data on manufacturing orders. The report on the level of vacancies and labor force turnover from the Bureau of Labor Statistics will not be of great interest to the market.
For long positions:
Buy euro when the price hits 1.1000 (green line on the chart) and then take-profit when the quote reaches the level of 1.1035. Growth will continue if the US very poor data. However, before buying, make sure that the MACD line is above zero and is starting to rise from it.
Euro can also be bought after the level of 1.0955 is tested twice, but the MACD line should be in the oversold area as only by that will the market reverse to 1.1000 and 1.1035.
For short positions:
Sell euro when the price reaches 1.0955 (red line on the chart) and take-profit at the level of 1.0914. Pressure will return if the US reports good statistics. However, before selling, make sure that the MACD line is below zero and is starting to drop down from it.
Euro can also be sold after the level of 1.1000 is tested twice, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0955 and 1.0914.
What's on the chart:
Thin green line - entry price at which you can buy EUR/USD
Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
Thin red line - entry price at which you can sell EUR/USD
Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.
MACD line- it is important to be guided by overbought and oversold areas when entering the market
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.