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Analytics and trading signals for beginners. How to trade the EUR / USD currency pair on January 13? Analysis of Tuesday deals. Preparation

DATE OF PUBLICATION: 2021-01-12 21: 05:03 Hourly chart of the EUR / USD pair. The EUR / USD currency pair unexpectedly began to move exclusively sideways during Tuesday, while moving with minimal volatility. Only by the end of the trading day a more or less tangible upward movement began to the upper line of the descending channel. This is the kind of movement we have been expecting today. In the morning review, we recommended that novice traders wait for the MACD indicator to discharge and form a new strong sell signal. Such a signal could have formed only due to an upward correction. During the day, he has not formed, but he can do it in the near future, it is possible that tonight. The MACD indicator has already come close to the zero level, and the price has to go 20-25 points to reach the upper border of the channel. Thus, either a rebound from this line or a downward reversal of MACD may signal a resumption of downward movement. Of course, another option is not excluded, in which the channel will be overcome. But in this case, novice traders will receive a buy signal. On Tuesday, January 12, there was no important news for the US dollar or the European currency. In fact, now all the important news concerns only the political crisis in the United States. Donald Trump could face impeachment at the end of his term, which threatens him with big problems in the future and severe restrictions when he becomes a private citizen. Joe Biden’s inauguration day also raises concerns. Will something similar happen on January 6th? In any case, Trump has already introduced an emergency regime in Washington for two weeks and it is not clear whether he is so cautioned against new attacks by demonstrators, or is he insuring himself in case he is again accused of riots? On Wednesday, January 13, the consumer prices for December. Formally, if inflation rises over the reporting month, the dollar may rise slightly. In fact, traders can again ignore macroeconomic statistics. In the morning, Christine Lagarde, head of the ECB, will make a speech in the European Union, but here everything will depend on her rhetoric. The ECB President can talk not only about monetary policy, but also about other aspects of the financial system. The foreign exchange market participants are most interested in the economy and how the regulator influences it, that is, monetary policy. On January 13, the following scenarios are possible: 1) Long positions are currently not relevant, as the downward trend remains in force. Thus, those wishing to buy the euro / dollar pair should wait for the formation of a new upward trend or the completion of the downward trend (consolidation of quotations above the descending channel). In this case, it will be possible to consider long positions with targets near the level of 1.2264. 2) Trading for a fall is now more relevant, since there is a descending channel. Thus, it is recommended to open new short positions with the targets of support levels 1.2112 and 1.2074 (to be specified in the morning), if a new MACD sell signal is generated, which should be discharged to zero before that. Also, a rebound from the upper border of the descending channel can be considered as a sell signal. What is on the chart: Price levels of support and resistance – levels that are targets when opening purchases or sells. 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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