FX.co ★ Analysis and trading tips for EUR/USD on November 14

Analysis of transactions and tips for trading EUR/USD

Further decline became limited because the test of 1.0680 occurred when the MACD line moved sharply below zero. Market volatility also remained low due to the speech of ECB Vice President Luis de Guindos.

Most likely, today will be interesting, as a number of important statistics will come out. Third quarter GDP data for the eurozone, together with a negatively revised indicator and weak data on business sentiment for both Germany and the eurozone, will lead to a decline in euro. The speech by ECB Executive Board member Frank Elderson may be ignored by market players, but if buyers withstand all the data, there may be a continuation of the upward correction.

For long positions:

Buy when euro hits 1.0705 (green line on the chart) and take profit at the price of 1.0735. Growth will occur, depending on robust eurozone statistics and weak data from the US.

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 1.0692, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0705 and 1.0735.

For short positions:

Sell when euro reaches 1.0692 (red line on the chart) and take profit at the price of 1.0655. Pressure will increase after an unsuccessful attempt to consolidate at the daily high and weak GDP data from the eurozone.

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 1.0705, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0692 and 1.0655.

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.