Analysis of transactions in the EUR/USD pair
Many buy signals appeared in the market yesterday. However, it was only when the euro hit 1.1879 for the fourth time that the price climbed up. Then, immediately after that, EUR/USD returned to its earlier price level, thereby forming a sell signal.
Trading recommendations for April 9
Don’t rush into long positions today because the week is already ending and many traders will surely close their positions. Aside from that, Germany will publish a number of economic reports today, which, if comes out weaker than projected, could set off a decline in EUR/USD. A report on US PPI will also be released in the afternoon, followed by the results of the IMF meeting.
For long positions:
Enter a long position when the quote reaches 1.1922 (green line on the chart), and then take profit around the level of 1.1975. But demand for the euro is expected to weaken, so be careful when buying at current highs. More specifically, make sure that the MACD line is above zero before opening a long position.
For short positions:
Enter a short position when the quote reaches 1.1896 (red line on the chart), and then take profit at the level of 1.1861. 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. However, it had to be ignored because the MACD line, during that time, was approaching daily highs. Meanwhile, the sell signal that appeared later was more successful, although it wasn’t able to induce a sharp drop in the pair.
Trading recommendations for April 9
Going below 1.3720 will increase the pressure on the pair. Accordingly, further growth above it will allow the pound to trade higher. This afternoon, the US will publish a report on PPI, which, if turns out weaker than expected, could result in the pound hitting 1.3751.
For long positions:
Enter a long position when the quote reaches 1.3751 (green line on the chart), and then take profit at the level of 1.3788 (thicker green line on the chart). Pound will trade higher if the price goes above 1.3751. Make sure that when you buy GBP, the MACD line is above zero or is starting to rise from it.
For short positions:
Enter a short position after the quote reaches 1.3721 (red line on the chart), and then take profit at the level of 1.3676. When 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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