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09.01.2023 08:52 AM
Analysis and trading tips for EUR/USD on January 9
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Analysis of transactions in the EUR / USD pair

The first test of 1.0508 occurred when the MACD line was far below zero, so the downside potential was limited. Sometime later, another test took place, but this time the MACD line was in the oversold area, which is a pretty good signal to buy. That should've led to a strong upward movement, but not much happened on the pair. No other signals appeared for the rest of the day.

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Germany's retail trade and manufacturing orders reports did not make much of an impression on traders, nor did the eurozone consumer price index data. This is because all eyes were on the US unemployment report, which surprisingly fell sharply, and on the US non-farm payrolls, which was better than forecasts. The report on the services business activity index also showed a decline.

Today, markets will focus on Germany's industrial production report, as well as on the eurozone's unemployment data. However, the figures are for November, so it will not deal much impact on EUR/USD. In the afternoon, there is nothing but labor market trend index and consumer credit index in the US, so traders will rely more on technical analyses.

For long positions:

Buy euro when the quote reaches 1.0691 (green line on the chart) and take profit at the price of 1.0574. Growth is likely to occur as a continuation of Friday's trend. But take note that when buying, the MACD line should be above zero or is starting to rise from it. Euro can also be bought at 1.0654, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.0691 and 1.0740.

For short positions:

Sell euro when the quote reaches 1.0654 (red line on the chart) and take profit at the price of 1.0607. Pressure will return if the attempt to consolidate at the weekly high fails. But take note that when selling, the MACD line should be below zero or is starting to move down from it. Euro can also be sold at 1.0691, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.0654 and 1.0607.

This image is no longer relevant

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 decision based on the current market situation is an inherently losing strategy for an intraday trader.

Jakub Novak,
Analytical expert of InstaForex
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