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FX.co ★ EUR/USD: Simple Trading Tips for Beginner Traders on July 29 (U.S. Session)

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Forex Analysis:::2024-07-29T15:56:54

EUR/USD: Simple Trading Tips for Beginner Traders on July 29 (U.S. Session)

Analysis of Trades and Tips for Trading the Euro

A test of the price at 1.0854 occurred when the MACD indicator started to move down from the zero mark, confirming the correct entry point to sell the euro. As a result, the pair dropped by more than 20 points and hit the target level of 1.0833, where it is trading at the time of writing this forecast. There are no statistics in the second half of the day, so euro buyers may get a good chance for a correction and compensation for part of the bearish market observed during European trading. Regarding the intraday strategy, I plan to act based on the implementation of scenarios #1 and #2.

EUR/USD: Simple Trading Tips for Beginner Traders on July 29 (U.S. Session)

Buy Signal

Scenario #1: I plan to buy the euro when it reaches around 1.0847 (green line on the chart), with a target of rising to 1.0867. At 1.0867, I will exit the market and sell the euro in the opposite direction, aiming for a move of 30-35 points from the entry point. A strong upward movement of the euro today is unlikely. Important! Before buying, ensure the MACD indicator is above the zero mark and starting to rise.

Scenario #2: I also plan to buy the euro today in the case of two consecutive tests of the price at 1.0831 when the MACD indicator is in the oversold area. This will limit the pair's downside potential and lead to an upward market reversal. Expect growth to the opposite levels of 1.0847 and 1.0867.

Sell Signal

Scenario #1: I will sell the euro after it reaches 1.0831 (red line on the chart). The target will be the level of 1.0810, where I plan to exit the market and buy the euro immediately in the opposite direction, expecting a move of 20-25 points in the opposite direction from the level. Pressure on the pair will return if a correction to the area of 1.0847 fails. Important! Before selling, ensure that the MACD indicator is below the zero mark and starting to decline from it.

Scenario #2: I also plan to sell the euro today in the case of two consecutive tests of the price at 1.0847 when the MACD indicator is in the overbought area. This will limit the pair's upside potential and lead to a market reversal downward. Expect a decline to the opposite levels of 1.0831 and 1.0810.

EUR/USD: Simple Trading Tips for Beginner Traders on July 29 (U.S. Session)

What the Chart Shows:

  • Thin green line: Entry price where you can buy the trading instrument.
  • Thick green line: Estimated price where you can set Take Profit or manually lock in profits, as further growth above this level is unlikely.
  • Thin red line: Entry price where you can sell the trading instrument.
  • Thick red line: Estimated price where you can set Take Profit or manually lock in profits, as further decline below this level is unlikely.
  • MACD Indicator: When entering the market, it is important to consider overbought and oversold areas.

Important: Beginner traders in the forex market must make entry decisions cautiously. Before releasing important fundamental reports, it is best to stay out of the market to avoid sharp exchange rate fluctuations. If you decide to trade during news releases, always set stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

Remember that successful trading requires having a clear trading plan, like the one I presented above. Making spontaneous trading decisions based on the current market situation is initially a losing strategy for an intraday trader.

Analyst InstaForex
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