empty
29.09.2023 09:32 AM
Analysis and trading tips for EUR/USD on September 29

Analysis of transactions and tips for trading EUR/USD

The test of 1.0546, coinciding with the rise of the MACD line from zero, prompted a buy signal that led to a price increase of around 30 pips. Meanwhile, selling on the rebound from 1.0576 resulted in a 20-pip decline.

Euro began an upward correction after reports indicated a reduction in Germany's consumer prices and the absence of negative changes in the eurozone's consumer confidence indicator. Most likely, this momentum will continue today if the upcoming data on core consumer prices show some decrease. However, statements from ECB President Christine Lagarde regarding interest rates could harm the upside potential.

This image is no longer relevant

For long positions:

Buy when euro hits 1.0604 (green line on the chart) and take profit at the price of 1.0650. Growth may occur as part of an upward correction, following news of the slowdown in the eurozone's inflation growth. However, poor data could dampen all buying enthusiasm.

Note that when buying, the MACD line should be above zero or rising from it. Euro can also be bought after two consecutive price tests of 1.0575, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0604 and 1.0650.

For short positions:

Sell when euro reaches 1.0575 (red line on the chart) and take profit at the price of 1.0536. Pressure may return at any moment, especially in the case of inflation growth in the eurozone.

Note that when selling, the MACD line should be below zero or dropping down from it. Euro can also be sold after two consecutive price tests of 1.0604, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0575 and 1.0536.

This image is no longer relevant

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.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Why $65 for Brent Is Just the Calm Before the Storm

Brent is struggling to stay afloat, even as looming strikes on Iran and new turns in U.S. sanctions diplomacy come into view. Meanwhile, natural gas is currently in a bind

Anna Zotova 01:31 2025-05-15 UTC+2

Oil Lacks Confidence to Sustain a Rally

The oil market has come back to life: since the beginning of last week, Brent has gained more than 12%, and this momentum is driven not just by noise

Anna Zotova 00:21 2025-05-14 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 9th (U.S. Session)

Trade Review and Guidance on Trading the Japanese Yen The test of the 145.31 level occurred when the MACD indicator had already moved significantly below the zero mark, which limited

Jakub Novak 19:13 2025-05-09 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 9th (U.S. Session)

Trade Analysis and Tips for the British Pound The test of the 1.3255 level during the first half of the day occurred when the MACD indicator had already moved significantly

Jakub Novak 19:10 2025-05-09 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 9th (U.S. Session)

Trade Analysis and Tips for the Euro The test of the 1.1244 price level occurred when the MACD indicator had already risen significantly above the zero mark, which limited

Jakub Novak 19:08 2025-05-09 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The test of the 144.86 level occurred when the MACD indicator had just started to move upward from the zero line, confirming a valid entry point for buying the dollar

Jakub Novak 09:44 2025-05-09 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The test of the 1.3342 level in the second half of the day occurred when the MACD indicator had already significantly moved above the zero line, which limited the pair's

Jakub Novak 09:44 2025-05-09 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 9. Review of Yesterday's Forex Trades

The price test at 1.1312 in the second half of the day coincided with the MACD indicator having already moved significantly above the zero line, which limited the pair's upward

Jakub Novak 09:44 2025-05-09 UTC+2

Intraday Strategies for Beginner Traders on May 9

The euro and the pound resumed their decline immediately after confidence in the U.S. reaching trade agreements with key partners increased in the market. Following signing a trade agreement with

Miroslaw Bawulski 07:53 2025-05-09 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders – May 8th (U.S. Session)

Trade Review and Tips for Trading the Japanese Yen The price test at 143.75 in the first half of the day coincided with the MACD indicator just starting to rise

Jakub Novak 19:30 2025-05-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.