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FX.co ★ EUR/USD: trading tips for beginners for the European session on July 30

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Forex Analysis:::2024-07-30T07:34:21

EUR/USD: trading tips for beginners for the European session on July 30

Overview of trading and tips on EUR/USD

The price test of 1.0831 occurred when the MACD indicator started to move down from the zero mark, confirming the correct entry point for selling the euro according to the intraday trend. As a result, EUR/USD dropped 20 pips. Buying on the rebound at 1.0810 also brought around 15 pips of profit. The absence of US data helped the euro stall by the end of the day; however, sellers of risky assets have the advantage. Today, the Eurozone economic calendar includes some rather important reports that could exert significant pressure on the euro. Weak data on the Eurozone's GDP for the second quarter will trigger a new decline in the euro, as will modest figures for the consumer confidence indicator and the German Consumer Price Index. Considering that the two-day Federal Reserve meeting starts today, all of this could also play in favor of the dollar. As for the intraday strategy, I will rely more on implementing scenarios No. 1 and 2.

EUR/USD: trading tips for beginners for the European session on July 30

Buy signals

Scenario No 1. Today, you can buy the euro when the price reaches 1.0830 plotted by the green line on the chart, with the goal of rising to the level of 1.0854. At the level of 1.0854, I plan to exit the market and also sell the euro in the opposite direction, counting on a movement of 30-35 pips from the entry point. We can count on the euro to rise today but only within the framework of a small upward correction and after strong GDP data. Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.

Scenario No 2. I am also going to buy the euro today in case of two consecutive tests of the price at 1.0814 when the MACD indicator is in the oversold area. This will limit the downward potential of the instrument and lead to a reverse market upturn. One can expect growth to the opposite levels of 1.0830 and 1.0854.

Sell signals

Scenario No 1. I plan to sell the euro after it reaches the level of 1.0814 plotted by the red line on the chart. The target will be the level of 1.0791, where I am going to exit the market and buy immediately in the opposite direction (expecting a movement of 20-25 pips in the opposite direction from the level). Pressure on EUR/USD will return today if it fails to consolidate in the area of the intraday high and bad data. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.

Scenario No 2. I am also going to sell the euro today in case of two consecutive price tests of 1.0830 when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a reverse market downturn. One can expect a decline to the opposite levels of 1.0814 and 1.0791.

EUR/USD: trading tips for beginners for the European session on July 30

What's on the chart:

The thin green line is the entry price at which you can buy the trading instrument.

The thick green line is the estimated price where you can set Take-Profit (TP) or manually close positions, as further growth above this level is unlikely.

The thin red line is the entry price at which you can sell the trading instrument.

The thick red line is the price where you can set Take-Profit (TP) or manually close positions, as further decline below this level is unlikely.

MACD line: it is important to be guided by overbought and oversold areas when entering the market

Important: Novice traders in the forex market need to be very careful when making decisions to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade in large volumes.

And remember, for successful trading, it is necessary to have a clear trading plan, similar to the one I presented above. Spontaneously making trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.

Analyst InstaForex
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