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26.05.2023 09:01 AM
Analysis and trading tips for EUR/USD on May 26
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Analysis of transactions and tips for trading EUR/USD

The test of 1.0720 happened when the MACD line was just starting to move down from zero, which, together with weak GDP data from Germany, led to sell-offs in EUR/USD. However, the decline was only 10 pips as pressure eased quickly.

This image is no longer relevant

Weak GDP data and leading consumer climate index in the UK pulled demand for euro down, which intensified after the US reported an upward revision in its GDP data for the first quarter.

Today, ECB Board member Philip Lane will give a speech, possibly calling for the need to raise interest rates in the eurozone. This will help euro recover and rally by the end of the week.

For long positions:

Buy euro when the level of 1.0743 (green line on the chart) is reached and then take profit at the price of 1.0764. Growth could occur, but it will only be a correction. Nevertheless, before buying, traders should make sure that the MACD line is above zero or is starting to rise from it. Euro can also be bought after two consecutive price tests of 1.0722, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0743 and 1.0764.

For short positions:

Sell euro when the level of 1.0722 (red line on the chart) is reached and then take profit at the price of 1.0695. Pressure is likely to persist due to the lack of progress in debt limit negotiations. However, when selling, traders should make sure that the MACD line is below zero or is starting to move down from it. Euro can also be sold after two consecutive price tests of 1.0743, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0722 and 1.0695.

This image is no longer relevant

What's on the chart:

Thin green line - entry price at which you can buy EUR/USD

Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

Thin red line - entry price at which you can sell EUR/USD

Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, 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 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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