FX.co ★ EUR/USD: trading tips for beginners for the European session on July 29

Overview of trading and tips on EUR/USD

Despite the release of some important US data, the levels I mentioned were not tested in the second half of the day, so we did not get any good entry points. Today, it will also be difficult to find entry signals, as there is no significant data from the Eurozone countries. Last Friday, data on the Personal Consumption Expenditures Index weakened the dollar's position, and traders may be more inclined to buy the euro, so there are still chances for a minor correction. However, I prefer trading within the channel. As for the intraday strategy, I will rely more on implementing scenario No. 2.

Buy signals

Scenario No 1. Today, you can buy the euro when the price reaches the area around 1.0873 plotted by the green line on the chart, with the goal of rising to the level of 1.0895. At the level of 1.0895, 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 count on the euro to rise today but only within the framework of a small upward correction. 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 at 1.0854 when the MACD indicator is in the oversold area. This will limit the downward potential of the instrument and lead to a reverse market upturn. One can expect growth to the opposite levels of 1.0873 and 1.0895.

Sell signals

Scenario No 1. I plan to sell the euro after it reaches the level of 1.0854 plotted by the red line on the chart. The target will be the level of 1.0833, where I am going to exit the market and buy immediately in the opposite direction (expecting a movement of 20-25 pips in the opposite direction from the level). Pressure on EUR/USD will return today if it fails to consolidate in the area of 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 1.0873 when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a reverse market downturn. One can expect a decline to the opposite levels of 1.0854 and 1.0833.

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 estimated price where you can set Take-Profit (TP) or manually close positions, 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 close positions, 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 forex market need to be very careful 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 in large volumes.

And 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.