Analysis of transactions in the EUR / USD pair
Weak data from Germany put pressure on euro, but the downward movement was not as strong as expected. Apparently, low trading volume prevented EUR / USD from having large movements, so accordingly, there were no market signals yesterday.
Trading recommendations for June 9
Upcoming reports on foreign trade balance in Germany and volume of wholesale inventories in US are unlikely to deliver significant effects in the market. Therefore, euro will trade sideways, until tomorrow's policy meeting of the European Central Bank.
For long positions:
Enter a long position when the quote reaches 1.2200 (green line on the chart), and then take profit around the level of 1.2251. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.
For short positions:
Enter a short position when the quote reaches 1.2166 (red line on the chart), and then take profit at the level of 1.2116. Euro will decline if the EU publishes weak economic reports. 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 sell signal appeared in the market yesterday. However, the downward movement it set off was only 15 pips, despite the fact that the MACD line was going down from zero. There were no other signals for the rest of the day.
Trading recommendations for June 9
Pound will move depending on the results of today's meeting on trade issues between UK and EU. If no progress is made, pressure on the currency will return.
Then, in the afternoon, US data on wholesale inventories will be published, but it is unlikely to have a serious impact on the market.
For long positions:
Enter a long position when the quote reaches 1.4169 (green line on the chart), and then take profit at the level of 1.4214 (thicker green line on the chart). Pound will trade upwards if the EU does not proceed with its plans on imposing punitive measures against UK. Before buying, make sure that the MACD line is above zero, or is starting to rise from it.
For short positions:
Enter a short position when the quote reaches 1.4142 (red line on the chart), and then take profit at the level of 1.4099. Pound will drop lower if the disagreement over Brexit is not resolved and if the US releases a strong economic report. 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.
