Analysis of transactions in the EUR / USD pair
A buy signal appeared in the market yesterday, but it had to be ignored because the MACD line was at the overbought area. There were no other market signals for the rest of the day.
Trading recommendations for June 10
Euro will rise if the ECB hints at a future policy change. However, if the US releases a good inflation report, demand for dollar will return, as such could force the Fed to reconsider its dovish stance on the monetary policy. Accordingly, this will lead to another drop in EUR / USD.
For long positions:
Enter a long position when the quote reaches 1.2182 (green line on the chart), and then take profit around the level of 1.2236. 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 1.2148 (red line on the chart), and then take profit at the level of 1.2101. Euro will decline if the ECB does not hint at a future policy change. 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 signal to buy appeared in the market yesterday. Fortunately, it came when the MACD line was moving up from zero, so pound was able to climb by about 15 pips. Then, afterwards, a sell signal was formed, but it had to be ignored because the MACD line was already at the oversold area.
Trading recommendations for June 10
Pound declined on Wednesday on the news that negotiations over the Northern Ireland Protocol were unsuccessful. And most likely, this downward movement will continue if the US releases a strong CPI report, as such could force the Fed to reconsider its dovish stance on the monetary policy, which will bring demand back to dollar.
For long positions:
Enter a long position when the quote reaches 1.4129 (green line on the chart), and then take profit at the level of 1.4187 (thicker green line on the chart). 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 1.4100 (red line on the chart), and then take profit at the level of 1.4044. Good US inflation report will push pound even lower. 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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