Analysis of transactions in the EUR / USD pair
Several market signals appeared on Friday, but all of them were actually false. All sell signals came when the MACD line was at the oversold area, while the buy signals appeared when the indicator was at the overbought area. Ignoring the signals was the correct move.
Trading recommendations for July 5
Pay attention to the upcoming speech of ECB President Christine Lagarde, as well as to the data on Eurozone service PMI. Both will have significant impacts on the market and will drive the direction of EUR / USD. But growth is likely to be limited as US is currently celebrating “Independence Day”. All markets are closed because of it.
For long positions:
Open a long position when euro reaches 1.1870 (green line on the chart), and then take profit around the level of 1.1911. EUR / USD will rise if Germany releases good performance in the service sector. 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 1.1845 (red line on the chart), and then take profit at the level of 1.1803. Further decline will occur if activity in the Eurozone slows. 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
Several market signals appeared on Friday, but all of them were actually false. All sell signals came when the MACD line was at the oversold area, while the buy signals appeared when the indicator was at the overbought area. Ignoring the signals was the correct move.
Trading recommendations for July 5
Pay attention to the upcoming reports in UK as those will certainly have significant effects on the market. For example, strong data on PMI will lead to a pound rally, while weaker-than-expected figures will set off another decline in GBP / USD. However, growth is likely to be limited as US is currently celebrating “Independence day”. All markets are closed because of it.
For long positions:
Open a long position when pound reaches 1.3848 (green line on the chart), and then take profit at the level of 1.3919 (thicker green line on the chart). Growth may occur if UK releases strong PMI data. 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 1.3810 (red line on the chart), and then take profit at the level of 1.3739. GBP / USD will come under pressure if economic activity in UK slows. 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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