Analysis of transactions in the EUR / USD pair
A number of signals appeared in the market yesterday. However, the first ones had to be ignored because they came during the time that the MACD line was in the overbought area. But by afternoon, the MACD line finally moved to zero, so the euro was able to climb by around 30 pips.
Trading recommendations for May 21
Pay attention to the upcoming macroeconomic reports today as those will certainly affect the market. Strong figures will result in the euro climbing higher, while weaker numbers will bring back pressure on the currency. The day will end with news on the Eurogroup meeting.
For long positions:
Enter a long position when the quote reaches 1.2244 (green line on the chart), and then take profit around the level of 1.2289. Euro will trade upwards if the EU publishes a strong PMI 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 1.2222 (red line on the chart), and then take profit at the level of 1.2183. Euro will decline if the EU publishes weak economic reports. 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 number of signals appeared in the market yesterday. However, the first ones had to be ignored because they came during the time that the MACD line was in the overbought area. But by afternoon, the MACD line finally moved to zero, so the pound was able to climb by around 40 pips.
Trading recommendations for May 21
Pay attention to the upcoming macroeconomic reports today as those will significantly affect investor sentiment. Strong figures will lead to a jump in GBP / USD, while weaker numbers will set off another decline in the market.
For long positions:
Enter a long position when the quote reaches 1.4192 (green line on the chart), and then take profit at the level of 1.4245 (thicker green line on the chart). Pound will trade upwards if UK releases strong economic reports. 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 1.4168 (red line on the chart), and then take profit at the level of 1.4126. Pound will decline if UK publishes a weak PMI 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 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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