Analysis of transactions in the EUR / USD pair
Three buy signals appeared in the market on Wednesday, but all of them had to be ignored because they came when the MACD line was at the overbought area. There were no other signals for the rest of the day.
Trading recommendations for June 24
Euro rallied on Wednesday amid good reports from the Eurozone and weak data from United States. And today, this buying pressure may continue, especially if IFO releases strong assessments in Germany’s economy. Otherwise, euro will post a decline. Then, in the afternoon, data on US jobless claims may bring demand back to dollar, which will accordingly lead to a drop in EUR / USD.
For long positions:
Open a long position when euro reaches 1.1940 (green line on the chart), and then take profit around the level of 1.1991. Strong reports from Germany may set off a rally. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.
For short positions:
Open a short position when euro reaches 1.1916 (red line on the chart), and then take profit at the level of 1.1856. Pressure could return at any moment as the pair is currently overbought. 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 on Wednesday, but it had to be ignored because it came when the MACD line was in the overbought area. There were no other signals for the rest of the day.
Trading recommendations for June 24
Pound rose on Wednesday, thanks to strong PMI reports from Britain. And today, the buying pressure may continue if the Bank of England announces a future hike on interest rates. But in the afternoon, data on US jobless claims may bring demand back to dollar, which will accordingly lead to a slight decline in pound. However, there is a very low chance that it will change the bull market into bearish.
For long positions:
Open a long position when pound reaches 1.3974 (green line on the chart), and then take profit at the level of 1.4050 (thicker green line on the chart). Good reports from the Bank of England may push the currency to rise. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.
For short positions:
Open a short position when pound reaches 1.3945 (red line on the chart), and then take profit at the level of 1.3861. The currency will fall if the Bank of England releases negative assessments on the UK UK economy. 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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