Forex Analysis & Reviews: 29.09.2023 - Analysis and trading tips...

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.

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.

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.

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*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

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