FX.co ★ Analysis and trading tips for EUR/USD on November 29

Analysis of transactions and tips for trading EUR/USD

The test of 1.0965 took place when the MACD line moved upward from zero, prompting a signal to buy. As a result, the pair rose in price by more than 25 pips.

Data on the M3 money supply aggregate and volume of private sector lending in the eurozone did not impress traders, nor did the speech of ECB President Christine Lagarde. However, statements from Fed representatives brought back risk appetite, as they advocated for a softer and more cautious approach to future interest rates.

Today, a report on the eurozone's consumer confidence indicator will come out, in which a better-than-expected figure will likely continue the upward potential of the pair. However, a decrease in Germany's consumer price index may limit the further growth of euro.

For long positions:

Buy when euro hits 1.1007 (green line on the chart) and take profit at the price of 1.1042. Growth will occur in continuation of the upward trend, following positive statistics for the eurozone.

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 1.0972, but the MACD line should be in the oversold area as only by that will the market reverse to 1.1007 and 1.1042.

For short positions:

Sell when euro reaches 1.0972 (red line on the chart) and take profit at the price of 1.0932. Pressure will return in the case of an unsuccessful attempt to consolidate at the monthly high.

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 1.1007, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0972 and 1.0932.

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.