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FX.co ★ EUR/USD: Simple trading tips for beginner traders on June 10th (US session)

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Forex Analysis:::2024-06-10T15:10:58

EUR/USD: Simple trading tips for beginner traders on June 10th (US session)

Analysis of transactions and tips on trading the European currency

The price test of 1.0747 in the first half of the day came at a time when the MACD indicator was just starting to move down from zero, which was a confirmation of the correct entry into the market to sell euros in continuation of the downward trend formed last Friday after the release of strong statistics on the United States. As a result, at the time of writing the review, the pair has already gone down more than 10 points, and the chances of its further decline remain quite good. The lack of statistics on the United States in the afternoon may have a positive effect on buyers of the European currency, but how long they will last – especially before the key inflation statistics expected by the middle of the week, is a rather difficult question. It is better to use corrections and bet on a further decrease in EUR/USD. As for the intraday strategy, I plan to act based on the implementation of scenarios No. 1 and No. 2.EUR/USD: Simple trading tips for beginner traders on June 10th (US session)

Buy signal

Scenario No. 1: today, I plan to buy euros when the price reaches 1.0757 (the green line on the chart) in order to grow to the level of 1.0798. At 1.0798, I will exit the market, as well as sell euros in the opposite direction, counting on a movement of 30-35 points from the entry point. The euro's upward movement today can only be counted on within the framework of a small upward correction after an unsuccessful breakdown of the daily low. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to grow from it.

Scenario No. 2: I also plan to buy euros today in the case of two consecutive price tests of 1.0730 at a time when the MACD indicator will be in the oversold area. This will limit the pair's downward potential and lead to an upward reversal of the market. We can expect an increase to the opposite levels of 1.0757 and 1.0798.

Sell signal

Scenario No. 1: I will sell euros after reaching the level of 1.0730 (the red line on the chart). The target will be the 1.0685 level. I plan to exit the market and buy euros immediately in the opposite direction (counting on a movement of 20-25 points in the opposite direction from the level). The pressure on the pair will return in case of a weak correction and attempts by buyers to return to the market. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just beginning to decline.

Scenario No. 2: I also plan to sell the euro today if there are two consecutive price tests of 1.0757 at a time when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a reverse downward reversal of the market. We can expect a decline to the opposite levels of 1.0730 and 1.0685.

EUR/USD: Simple trading tips for beginner traders on June 10th (US session)

What's on the chart:

Thin green line is the entry price at which you can buy a trading instrument.

Thick green line is the estimated price where you can place Take profit or fix profits yourself, since further growth is unlikely above this level.

Thin red line is the entry price at which a trading instrument can be sold.

Thick red line is the estimated price at which you can place a Take profit or fix profits yourself since further decline is unlikely below this level.

MACD indicator. When entering the market, it is important to be guided by overbought and oversold zones.

Important. Novice forex traders need to make decisions about entering the market very carefully. Before the release of important fundamental reports, it is best to stay out of the market to avoid sharp fluctuations in the exchange rate. If you decide to trade during the news release, always place stop orders to minimize losses. You need to place stop orders to avoid losing the entire deposit very quickly, especially if you do not use money management but trade in large volumes.

Remember that for successful trading, you need a clear trading plan, following the example I presented above. Making spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.

Analyst InstaForex
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