empty
24.03.2023 09:03 AM
Analysis and trading tips for EUR/USD on March 24

Analysis of transactions and tips for trading EUR/USD

The pair tested 1.0893 at a time when the MACD line was far from zero, limiting the downside potential of the pair. No other market signal appeared for the rest of the day.

This image is no longer relevant

Consumer confidence in the Euro area disappointed traders, which is why EUR/USD fell and a further downward correction is looming. Most likely, a similar momentum will be seen today as there is little chance that upcoming reports on manufacturing and service activity in both Europe and the US will support the pair. Of course, a weak reading from the latter will weaken dollar's position, which will lead to a rally in the pair.

For long positions:

Buy euro when the quote reaches 1.0845 (green line on the chart) and take profit at the price of 1.0877. Growth is possible, but it will only be after very good statistics from the eurozone. Traders have to make sure though that the MACD line is above zero or is starting to rise from it. Euro can also be bought at 1.0827, but the MACD line should be in the oversold area as only by that will the market reverse to 1.0845 and 1.0877.

For short positions:

Sell euro when the quote reaches 1.0827 (red line on the chart) and take profit at the price of 1.0793. Pressure will return if there is no bullish activity at the daily highs. However, when selling, make sure that the MACD line is under zero or is starting to move down from it. Euro can also be sold at 1.0845, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0827 and 1.0793.

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
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/JPY: Simple Trading Tips for Beginner Traders on June 17. Analysis of Yesterday's Forex Trades

The test of the 143.97 level coincided with the moment when the MACD indicator had just begun to move downward from the zero line, confirming a valid entry point

Jakub Novak 08:42 2025-06-17 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on June 17. Analysis of Yesterday's Forex Trades

The test of the 1.3595 level occurred just as the MACD indicator began moving upward from the zero line, confirming a valid buy entry for the pound, which resulted

Jakub Novak 08:42 2025-06-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on June 17. Analysis of Yesterday's Forex Trades

The test of the 1.1588 level coincided with when the MACD indicator had just begun to move upward from the zero line, confirming a correct buy entry point

Jakub Novak 08:42 2025-06-17 UTC+2

Intraday Strategies for Beginner Traders on June 17

Pressure on risky assets returned in the afternoon of the U.S. session. This occurred right after euro and pound buyers failed to push prices to new monthly highs despite strong

Miroslaw Bawulski 08:23 2025-06-17 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on June 16th (U.S. Session)

Trade Review and Tips for Trading the Japanese Yen The test of the 144.26 price level in the first half of the day occurred when the MACD indicator had just

Jakub Novak 19:25 2025-06-16 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on June 16th (U.S. Session)

Trade Review and Tips for Trading the British Pound The test of the 1.3575 level in the first half of the day occurred when the MACD indicator had already risen

Jakub Novak 19:22 2025-06-16 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on June 16th (U.S. Session)

Trade Review and Euro Trading Tips The test of the 1.1570 level in the first half of the day coincided with the MACD indicator having already moved significantly above

Jakub Novak 19:20 2025-06-16 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on June 16. Analysis of Yesterday's Forex Trades

The test of the 143.94 level occurred when the MACD indicator had already moved far above the zero line, which limited the pair's upside potential. For this reason

Jakub Novak 08:55 2025-06-16 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on June 16. Analysis of Yesterday's Forex Trades

The test of the 1.1511 level occurred when the MACD indicator had already moved far below the zero line, which limited the pair's downside potential. For this reason

Jakub Novak 08:55 2025-06-16 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on June 16. Analysis of Yesterday's Forex Trades

The test of the 1.3542 level occurred when the MACD indicator had already moved well below the zero line, which limited the pair's downside potential. For this reason

Jakub Novak 08:55 2025-06-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.