Analysis of transactions in the EUR / USD pair
Two buy signals appeared in the market last Friday. Fortunately, both of them manifested when the MACD line was at zero, so the euro was able to climb from 1.2076 to 1.2125.
Trading recommendations for May 10
The Federal Reserve will give out a bunch of statements today. However, they are unlikely to shake the market. And since there are no macro statistics scheduled to be published today, euro will most likely continue trading upwards.
For long positions:
Enter a long position when the quote reaches 1.2183 (green line on the chart), and then take profit around the level of 1.2255. Before buying, make sure that the MACD line is above zero, or is starting to rise from it.
For short positions:
Enter a short position when the quote reaches 1.2143 (red line on the chart), and then take profit at the level of 1.2088. However, there is very little chance that euro will trade downwards today, so be careful when opening a sell position. Always make sure that the MACD line is below zero or is starting to move down from it before entering the market.
What’s on the chart:
The thin green line is the key level at which you can place long positions in the EUR / USD pair.
The thick green line is the target price, since the quote is unlikely to move above this level.
The thin red line is the level at which you can place short positions in the EUR / USD pair.
The thick red line is the target price, since the quote is unlikely to move below this level.
MACD line – when entering the market, it is important to be guided by the overbought and oversold zones.
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 decisions based on the current market situation is an inherently losing strategy for an intraday trader.
Analysis of transactions in the GBP / USD pair
Three buy signals appeared in the market last Friday. Fortunately, all of them manifested when the MACD line was slightly above zero, so the pound was able to move up by 70 pips. Price rose from 1.3917 to 1.3984.
Trading recommendations for May 10
The Federal Reserve will give out a bunch of statements today. However, they are unlikely to shake the market. Only a break above 1.4077 will push the pound higher, while a break below will turn the trend into bearish and set off a decline in GBP / USD.
For long positions:
Enter a long position when the quote reaches 1.4077 (green line on the chart), and then take profit at the level of 1.4136 (thicker green line on the chart). Pound will most likely continue trading upwards today. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.
For short positions:
Enter a short position when the quote reaches 1.4031 (red line on the chart), and then take profit at the level of 1.3973. However, there is very little chance that pound will trade downwards today. Before selling, make sure that the MACD line is below zero, or is starting to move down from it.
What’s on the chart:
The thin green line is the key level at which you can place long positions in the GBP/USD pair.
The thick green line is the target price, since the quote is unlikely to move above this level.
The thin red line is the level at which you can place short positions in the GBP/USD pair.
The thick red line is the target price, since the quote is unlikely to move below this level.
MACD line – when entering the market, it is important to be guided by the overbought and oversold zones.
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 decisions based on the current market situation is an inherently 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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