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29.03.2023 08:38 AM
Analysis and trading tips for EUR/USD on March 29
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Analysis of transactions and tips for trading EUR/USD

The pair tested 1.0830 at a time when the MACD line was already far from zero, limiting the upside potential of the pair. No other signal appeared for the rest of the day.

This image is no longer relevant

Another hawkish statements from the ECB pushed euro up, but a good report on US consumer confidence triggered a correction in the afternoon. The movement, however, was only short-lived as buyers immediately offset the decline.

Today, no important statistics was scheduled to be released in the eurozone, so markets will focus on the speeches of politicians. There is US data on home sales in the afternoon and speech from FOMC member Michael Barr, who recently voiced his hawkish view on the Fed's future policy. Both of this could prompt a rise in dollar.

For long positions:

Buy euro when the quote reaches 1.0840 (green line on the chart) and take profit at the price of 1.0868. However, counting on growth is rather difficult as the upward correction is already coming to an end. Nevertheless, when buying, traders should make sure that the MACD line is above zero or is starting to rise from it. Euro can also be bought at 1.0815, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0840 and 1.0868.

For short positions:

Sell euro when the quote reaches 1.0815 (red line on the chart) and take profit at the price of 1.0781. Pressure will return if the upcoming US data exceeds expectations. However, when selling, traders should make sure that the MACD line is under zero or is starting to move down from it. Euro can also be sold at 1.0840, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0815 and 1.0781.

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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