Analysis of transactions in the EUR/USD pair
A buy signal appeared in the market yesterday. However, it had to be ignored because the MACD line, during that time, was in the overbought zone. The scenario seriously limited the upward potential of the euro. In fact, immediately after increasing by 10 pips, EUR/USD turned around and traded downwards again. No other signal appeared for the rest of the day.
Trading recommendations for March 23
Upcoming statistics from the United States are unlikely to shake the balance in the market, but the statements from the Federal Reserve and US Treasury Department will affect investor sentiment. That being said, it is best to short the European currency today.
For long positions:
Buy the euro when the quote reaches 1.1935 (green line on the chart), and then take profit around the level of 1.1986. However, it is unlikely that the price will grow today because almost all indicators are pointing to a further downwards move. Some European countries have also reimposed strict quarantine measures.
Keep in mind that before buying, the MACD line should be above zero and is starting to rise from it.
For short positions:
Sell the euro after the quote reaches 1.1915 (red line on the chart), and then take profit at the level of 1.1876. Pressure could return on EUR / USD at any moment, especially amid the upcoming statements from the Federal Reserve. Aside from that, Europe remains suffering from the COVID-19, and now citizens are refusing AstraZeneca’s vaccine, which complicates further the overall process of vaccination and delays the lifting of quarantine measures.
Before selling, be sure that the MACD line is below zero and 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 sell signal appeared in the market yesterday. However, it had to be ignored because the MACD line, during that time, was in the oversold zone. The pound was also falling without correction all throughout the day, which raised doubts whether a downward move will continue.
Trading recommendations for March 23
A number of important reports regarding the UK labor market will be released today. However, they may all lead to more pressure in GBP, especially if the figures on jobless claims and average earnings are weaker than expected. Then, after that, the Bank of England will speak about its monetary policy and further financial incentives. Followed by a similar speech from the Federal Reserve. Most likely though, these speeches will not shake the balance in the market. Therefore, the most profitable action is to short the pound in the market.
For long positions:
Buy GBP when the quote reaches 1.3845 (green line on the chart), and then take profit at the level of 1.3955 (thicker green line on the chart). However, the price will increase only if the data on the UK labor market comes out stronger than expected.
Make sure that when you enter a long position, the MACD line is above zero and is starting to rise from it.
For short positions:
Sell the pound after the quote reaches 1.3815 (red line on the chart), and then take profit at the level of 1.3767. Weak data on the UK labor market will increase pressure on GBP/USD.
When selling, make sure that the MACD line is below zero and 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.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services to individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
