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FX.co ★ EUR/USD: Simple Trading Tips for Beginner Traders on July 22nd (US Session)

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Forex Analysis:::2024-07-22T16:38:06

EUR/USD: Simple Trading Tips for Beginner Traders on July 22nd (US Session)

Analysis of Trades and Trading Tips for the Euro

There were no tests of the levels I outlined in the first half of the day. The lack of market statistics and the pair's low volatility are the reasons for the absence of suitable entry scenarios. Unfortunately, the American session does not promise to be more interesting, as there is no important data— not even minor fundamental data— which will negatively affect trader sentiment. The optimal option will be trading within the channel. I plan to act based on Scenario #2 regarding the intraday strategy.

EUR/USD: Simple Trading Tips for Beginner Traders on July 22nd (US Session)

Buy Signal

Scenario #1: Today, I plan to buy the euro upon reaching the price area of around 1.0901 (green line on the chart) with a target of rising to 1.0930. At 1.0930, I will exit the market and sell the euro in the opposite direction, expecting a movement of 30-35 points from the entry point. Significant upward movement of the euro is unlikely today. 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 if the price at 1.0879 is tested twice consecutively when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to a market reversal upwards. Growth can be expected to the levels of 1.0901 and 1.0930.

Sell Signal

Scenario #1: I will sell the euro after it reaches the level of 1.0879 (red line on the chart). The target will be the level of 1.0845, where I plan to exit the market and buy the euro immediately in the opposite direction, expecting a movement of 20-25 points from the level. Pressure on the pair will return in the case of an unsuccessful attempt to go beyond the daily high. Important: Before selling, ensure the MACD indicator is below the zero mark and starting to decline.

Scenario #2: I also plan to sell the euro today if the price at 1.0901 is tested twice consecutively when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a market reversal downwards. A decline can be expected to the levels of 1.0879 and 1.0845.

EUR/USD: Simple Trading Tips for Beginner Traders on July 22nd (US Session)

Chart Legend:

  • Thin green line: Entry price for buying the trading instrument.
  • Thick green line: Expected price for placing Take Profit or manually fixing profits, as further growth above this level is unlikely.
  • Thin red line: Entry price for selling the trading instrument.
  • Thick red line: Expected price for placing Take Profit or manually fixing profits, as further decline below this level is unlikely.
  • MACD Indicator: When entering the market, it is important to consider overbought and oversold zones.

Important: Beginner traders in the forex market should cautiously make market entry decisions. It is best to stay out of the market before the release of important fundamental reports to avoid sudden price fluctuations. If you decide to trade during news releases, always set stop orders to minimize losses. Setting stop orders is crucial to avoid losing your entire deposit, especially if you do not use money management and trade large volumes.

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

Analyst InstaForex
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