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Forex Traiding

Analytics and trading signals for beginners. How to trade the EUR / USD currency pair on February 15? Analysis of transactions of the environment. Training

DATE OF PUBLICATION: 2021-02-24 21:01:51 Hourly chart of the EUR / USD pair. The EUR / USD currency pair on Wednesday first corrected, and by the end of the trading day decided to resume its upward movement. Thus, despite the breaking of the first trend line, the upward trend is still preserved, which means that the European currency has excellent chances for the upward movement to resume. The outlook for the American currency is still extremely dim, as traders still refuse to actively buy this currency, seeing no reason or justification. During 2021, the US dollar managed to rise by 350 points and, it seems, this is the maximum that it is capable of in the current environment. Fundamental background has not changed dramatically in recent weeks, so what are the reasons to expect that the trend will change dramatically in the near future? Rather, everything looks like a one and a half month correction, and now a long-term uptrend can and should resume. In our last review, we recommended that novice traders consider bull trading based on buy signals from the MACD indicator. Since the writing of the last article, two of them have been formed. Each did not lead to the expected growth of the pair’s quotes and the maximum that traders could earn on them – 10-15 points of profit. Thanks for that too. It is the same with the signal to break the uptrend line. In this case, we recommended selling with the target at 1.2109. This level was perfectly worked out by the price, which could bring another 23 pips of profit to traders. In general, all three signals turned out to be profitable, but they did not manage to make much money on them. Wednesday, February 24, there was not a single important macroeconomic or fundamental event in the European Union, and in the United States, Jerome Powell’s second speech to the US Congress took place. The text of his speech did not differ from yesterday’s. And since there was no reaction to this speech yesterday, there was no response today either. Thus, the decline in quotations of the pair, which changed towards the evening with an upward movement, is most likely of a technical nature. On Thursday, all the most interesting news and publications will be in America. The most important report of the day is the fourth quarter GDP report in the second estimate. The figure is expected to be + 4.1% in annual terms. Also, data on durable goods orders will be published, which promise to increase compared to the previous period. The number of applications for unemployment benefits, according to experts, should decrease. Thus, in general, the entire package of statistics promises to be positive for the dollar. But won’t traders ignore it? On February 25, the following scenarios are possible: 1) Long positions are now relevant, as the second trend line continues to be at the disposal of traders. In the next few hours, a buy signal from the MACD indicator may form (it is below the zero level) with targets at the resistance levels of 1.2174 and 1.2200. Also, a price rebound from the trend line can be considered as a buy signal. 2) Trading for a fall is not relevant at the moment, since the price continues to be above the trend line. On the other hand, traders managed to overcome the first trend line, therefore, the downward movement may continue. In case of a new sell signal from MACD (it should be discharged to the zero level beforehand), small lots can also open short positions with targets at 1.2110 and 1.2084. What is on the chart: Price support and resistance levels – levels that are targets for opening purchases or sales. You can place Take Profit levels near them. Red lines are channels or trend lines that display the current trend and show which direction it is preferable to trade now. Up / down arrows – show when reaching or overcoming which obstacles you should trade for an increase or decrease. MACD (14,22,3) – histogram and signal line, the intersection of which is a signal to enter the market. Recommended for use in conjunction with trend plots (channels, trend lines). Important speeches and reports (always contained in the news calendar) can greatly influence the movement of a currency pair. Therefore, during their exit, it is recommended to trade as carefully as possible or exit the market in order to avoid a sharp price reversal against the previous movement. Beginners in the Forex market should remember that every trade cannot be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time. Material provided by InstaForex – Source – InstaForex

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