FX.co ★ How to trade the EUR/USD pair on September 13? Simple tips for beginners

Analysis of Friday deals:

30M chart of the EUR/USD pair

The EUR/USD pair continued to trade in absolute flat on Friday. In principle, this can clearly be seen - the price has been between the levels of 1.1802 and 1.1851 for the last three days. On Friday, it managed to work out the upper border of this channel and bounced off it, so the movement began in the direction of the lower border, which was almost reached by the closing on Friday. However, we remind novice traders that volatility remains extremely low. In most cases, it does not exceed 40 points per day. On Friday, it was 42 points. Thus, with such volatility, it is still very difficult to trade and rely on at least some profit. European Central Bank President Christine Lagarde was scheduled to speak in the European Union on Friday, but nothing interesting was mentioned during this event. And no more important events and publications were planned. As a result, the markets had nothing to react to. Although a day earlier they had something to react to (ECB meeting), there were no significant changes in the nature of the movements.

5M chart of the EUR/USD pair

The moves throughout Friday were exceptionally flat on the 5 minute timeframe. Basically, the euro/dollar pair started and ended the day at approximately the same level. The only event of the day - Lagarde's speech - did not cause any special reaction (marked with a tick). Almost all trading signals of the day turned out to be extremely inaccurate and blurry. On the other hand, what other signals can you expect if the pair moves 40 points every day? Let's take a look at the trading signals and understand how to trade on Friday. First, a buy signal was generated, which was formed within two hours. The price settled above the level of 1.1831, which was no longer relevant at the end of September 10, and rose to the level of 1.1851. Despite the fact that this signal was profitable, it could be ignored as it was very fuzzy. But the rebound from the level of 1.1851 was already a pretty good signal to sell, which should have been worked out. The price initially dropped back to the 1.1831 level and even tried to rebound from this level, but this rebound also cannot be called an "accurate signal". Moreover, a similar sell signal from the level of 1.1851 was formed on the 30-minute timeframe, so it was necessary to stay in short positions. As a result, by the end of the day the price overcame the level of 1.1831 and dropped to the level of 1.1810. The deal should be manually closed in the late afternoon or at the least Take Profit. In any case, we managed to earn about 30 points.

How to trade on Monday:

The EUR/USD pair left the rising channel on the 30-minute timeframe, forming a downward trend. However, the movements are still very weak, so we still do not recommend considering the MACD indicator as a source of trading signals. In addition, traders have been unable to overcome the level of 1.1802 for three days already, so further prospects for a downward movement are absolutely vague. On the 5-minute timeframe, it is recommended to trade from the levels 1.1730, 1.1780, 1.1802, 1.1851, 1.1880. Take Profit, as before, is set at a distance of 30-40 points. Stop Loss - to breakeven when the price passes in the right direction by 15 points. At the 5M TF, the target can be the nearest level if it is not too close or too far away. If located - then you should act according to the situation. Neither the European Union nor the United States will publish a single important macroeconomic report on Monday. Thus, there will be nothing to pay attention to, and the pair's volatility is likely to remain low.

We also recommend that you familiarize yourself with the GBP/USD review.

On the chart:

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.