Analysis of transactions in the EUR/USD pair
A sell signal appeared in the market yesterday. Fortunately, it was during the time that the MACD line was at zero, so EUR / USD was able to move down by around 35 pips, thereby hitting the target level of 1.1725.
Trading recommendations for March 31
Data on EU consumer confidence failed to bring demand back for the euro, even though the indicator turned out stronger than expected. Obviously, the persistent increase of COVID-19 infections is making the situation difficult for the EU, so it is not really surprising that the euro continues to fall against the US dollar. And today, the only hope for bullish traders is the upcoming reports on the eurozone, particularly on the data for consumer spending, unemployment rate and inflation. Most noteworthy is the report on CPI, the growth of which will strengthen EUR/USD. But in the afternoon, demand for the dollar is expected to increase even more because of the report on US employment from the ADP.
For long positions:
Enter a long position when the quote reaches 1.1728 (green line on the chart), and then take profit around the level of 1.1765. Good reports on the Euro area will lead to a sharp increase in the euro, thereby forming a good upward correction. Keep in mind that before buying, the MACD line should be above zero and is starting to rise from it.
For short positions:
Enter a short position when the quote reaches 1.1702 (red line on the chart), and then take profit at the level of 1.1675. Weak reports on the EU economy will bring back pressure on EUR/USD.
But 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
Three sell signals appeared in the market yesterday. However, only one of them was successful because the MACD line, during the first two signals, was in the oversold zone. Only the last signal resulted in a 30-pip decline as the MACD line, during that time, has moved below zero. Unfortunately though, it failed to reach the target level of 1.3707.
Trading recommendations for March 31 Strong data on US consumer confidence led to a huge decline in GBP/USD, in which the quote managed to break through a rather important support level. Today, this bearish move may continue if the report on UK GDP comes out weaker than expected. But if it coincides with the preliminary estimates, the market will remain calm. Then, in the afternoon, an employment report from the ADP will be released, which may add more strength to the US dollar.
For long positions:
Enter a long position when the quote reaches 1.3752 (green line on the chart), and then take profit at the level of 1.38602 (thicker green line on the chart). Price will increase higher if the pound consolidates above 1.3752 and if there’s very good data on UK GDP. Make sure that when you buy GBP, the MACD line is above zero and is starting to rise from it.
For short positions:
Enter a short position after the quote reaches 1.3709 (red line on the chart), and then take profit at the level of 1.3669. Weak data on UK GDP will increase the 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.
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