Analysis of transactions in the EUR / USD pair
Two signals appeared in the market yesterday. The first one is to buy at 1.2176, which coincided with the time that the MACD line was moving up from zero. As a result, the euro was able to rise by 50 pips, thereby hitting 1.2229. Then in the afternoon, a signal to sell appeared, and it coincided with the time that the MACD line was moving down from zero. Such allowed the euro to decline by 20 pips.
Trading recommendations for May 19
Pay attention to the upcoming macroeconomic reports today as those will certainly affect the market. Strong figures will result in the euro gaining new highs. Then, in the afternoon, the Federal Reserve will publish its minutes of the meeting, if there are hints of an early easing of bond purchases, demand for dollar will increase, which will accordingly lead to a decline in EUR / USD.
For long positions:
Enter a long position when the quote reaches 1.2245 (green line on the chart), and then take profit around the level of 1.2284. Euro will turn up if the EU publishes a strong inflation report. 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 1.2215 (red line on the chart), and then take profit at the level of 1.2169. Euro may turn down if the EU publishes a weak inflation report. But 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 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
A buy signal appeared in the market yesterday, thanks to the strong labor market data in the UK. Fortunately, it came during the time that the MACD line was moving up from zero, so the pound was able to rise by around 30 pips. But afterwards, the buying pressure eased, so the currency was not able to gain new highs during the US session.
Trading recommendations for May 19
Pay attention to the upcoming report on UK inflation as it will significantly affect investor sentiment. Then, in the afternoon, the Federal Reserve will publish its minutes of the meeting, where there are hints of an early easing of bond purchases, demand for dollar will increase, which will accordingly lead to a decline in GBP / USD.
For long positions:
Enter a long position when the quote reaches 1.4204 (green line on the chart), and then take profit at the level of 1.4251 (thicker green line on the chart). Pound will trade higher if the UK publishes a strong inflation report. 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 1.4173 (red line on the chart), and then take profit at the level of 1.4129. Pound will trade downwards if UK inflation comes out weaker than expected. But 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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