FX.co ★ Analysis and trading tips for EUR/USD on November 10

Analysis of transactions and tips for trading EUR/USD

The test of 1.0703 took place when the MACD line moved above zero, prompting a signal to buy. This resulted in a price increase of around 20 pips.

The empty macroeconomic calendar and stern statements from Fed Chairman Jerome Powel led to a decline in euro yesterday afternoon. However, ECB President Christine Lagarde, who recently took a tough position on future interest rates, will speak today, so euro may have a chance to return to growth. Pressure will increase only in the event that buyers remain inactive around the local low.

For long positions:

Buy when euro hits 1.0676 (green line on the chart) and take profit at the price of 1.0719. Growth will occur if bulls become active around the daily low.

When buying, make sure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0657, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0676 and 1.0719.

For short positions:

Sell when euro reaches 1.0657 (red line on the chart) and take profit at the price of 1.0631. Pressure will increase after an unsuccessful attempt to consolidate at the daily high, as well as after a soft position of the ECB regarding future rates.

When selling, make sure that the MACD line lies under zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0676, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0657 and 1.0631.

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.