The test of 1.0761, coinciding with the significant rise of the MACD line from zero, limited the upward potential of the pair. Meanwhile, selling on a rebound from 1.0788 did not bring much success.
Markets await a pause in the Fed's rate hike cycle, which could lead to a surge in risk appetite once it happens. And considering the empty economic calendar in the US today, another upward spike may be seen in euro, towards 1.0795. The low trading volume should assist with this movement.
For long positions:
Buy when euro hits 1.0795 (green line on the chart) and take profit at the price of 1.0827. Growth could occur as part of the development of the newly formed upward trend. However, before buying, traders should make sure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0773, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0795 and 1.0827.
For short positions:
Sell when euro reaches 1.0773 (red line on the chart) and take profit at the price of 1.0735. Pressure will return after an update of the previous week's highs and inactivity around that area. However, before selling, traders should make sure that the MACD line lies below zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0795, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0773 and 1.0735.
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.