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FX.co ★ EUR/USD: trading tips for beginners for European session on June 17

EUR/USD: trading tips for beginners for European session on June 17

Overview of trading and tips on EUR/USD

The price test of 1.0715 occurred at a time when the MACD indicator sharply fell from the zero mark, which limited the EUR/USD pair's potential to fall. For this reason, I did not sell the euro. In the second half of the day, after weak US data there was a price test of 1.0677, where I was going to buy the euro with a bounce in mind. All this led to a good upward correction, making it possible to make a profit of around 25 pips. Traders simply ignored data on the French Consumer Price Index and the Italian foreign trade balance.

Today, we can only highlight the CPI figures in Italy, so the market will likely focus on the speech of the Federal Reserve officials in the afternoon. Obviously, this will not boost the euro, as the currency remains under pressure due to the Fed's decisions last week. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and 2.

EUR/USD: trading tips for beginners for European session on June 17

Buy signals

Scenario No 1. Today, you can buy the euro when the price reaches 1.0711 plotted by the green line on the chart, aiming for growth to the level of 1.0743. At the level of 1.0743, I plan to exit the market and also sell the euro in the opposite direction, counting on a movement of 30-35 pips from the entry point. We can hardly count on the euro to rise today. At most, we might see unsuccessful attempts to break through the daily high. Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.

Scenario No 2. I am also going to buy the euro today in case of two consecutive tests of the price of 1.0677 at the time when the MACD indicator is in the oversold area. This will limit the downward potential of the instrument and lead to an upward reversal of the market. We can expect growth to the opposite levels of 1.0711 and 1.0743.

Sell signals

Scenario No 1. I plan to sell the euro after EUR/USD reaches the level of 1.0677 plotted by the red line on the chart. The target will be the level of 1.0641, where I am going to exit the market and buy immediately in the opposite direction (expecting a movement of 20-25 pips in the upward direction from the level). Pressure on EUR/USD will increase in case the price fails to consolidate near the intraday high. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.

Scenario No 2. I am also going to sell the euro today in case of two consecutive price tests of 1.0711 at the time when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward reversal of the market. We can expect a decline to the opposite level of 1.0677 and 1.0641.

EUR/USD: trading tips for beginners for European session on June 17

What's on the chart:

The thin green line is the entry price at which you can buy the trading instrument.

The thick green line is the price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

The thin red line is the entry price at which you can sell the trading instrument.

The thick red line is the 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 in the cryptocurrency market need to be very cautious when making decisions to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.

Remember, for successful trading, it is necessary to have a clear trading plan, similar to the one I presented above. Spontaneously making trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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