Analysis of Trades and Tips for Trading European Currency

The price test at 1.1568 coincided with the MACD indicator just beginning to move up from the zero mark, confirming the correct entry point for buying euros. As a result, the pair only rose by 10 pips.

The increasing instability in the Middle East, especially amid the hypothetical possibility of a US ground invasion of Iran, is currently having a significant impact on risk assets, supporting the dollar's rise. Considering that today's economic calendar is rich with only one event—the release of the March consumer confidence index for the Eurozone—it is unlikely that the situation for euro buying will change significantly. Preliminary estimates indicate a decline in this indicator. A weakening of consumer confidence could signal a contraction in demand, which is one of the main drivers of economic growth in the Eurozone. In light of current global economic challenges, changes in this indicator are particularly significant, affecting the euro and its stability in the short term.

Regarding the intraday strategy, I will primarily rely on implementing scenarios No. 1 and No. 2.

Buy Scenarios

Scenario 1: Today, the euro can be purchased at a price around 1.1544 (green line on the chart), with a target rise to 1.1574. At the 1.1574 point, I plan to exit the market and also sell the euro back, expecting a movement of 30-35 pips from the entry point. Strong euro growth can only be expected after very good data. Important! Before buying, ensure that the MACD indicator is above the zero mark and just beginning to rise from it.

Scenario 2: I also plan to buy euros today if the price 1.1518 is tested twice consecutively, when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to an upward market reversal. An increase can be expected towards the opposite levels of 1.1544 and 1.1574.

Sell Scenarios

Scenario 1: I plan to sell euros once the level of 1.1518 (red line on the chart) is reached. The target will be the level of 1.1482, where I aim to exit the market and buy immediately back in the opposite direction (expecting a movement of 20-25 pips in the opposite direction from the level). Pressure on the pair could return at any moment today. Important! Before selling, ensure the MACD indicator is below the zero mark and just beginning to decline from it.

Scenario 2: I also plan to sell euros today if the price 1.1544 is tested twice consecutively, when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward market reversal. A decrease can be expected towards the opposite levels of 1.1518 and 1.1482.

What's on the Chart:

• The thin green line represents the entry price at which you can buy the trading instrument;
• The thick green line is the assumed price where you can set Take Profit or manually take profit, as further growth above this level is unlikely;
• The thin red line indicates the entry price at which you can sell the trading instrument;
• The thick red line is the assumed price where you can set Take Profit or manually take profit, as further decline below this level is unlikely;
• The MACD indicator. When entering the market, it's important to refer to the overbought and oversold zones.

Important: Beginner traders in the forex market need to make entry decisions very carefully. It is best to stay out of the market before the release of important fundamental reports to avoid sharp fluctuations in prices. If you choose to trade during the release of news, always set Stop Loss orders to minimize losses. Without placing Stop Loss orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember, successful trading requires a clear trading plan, like the one presented above. Making spontaneous trading decisions based on the current market situation is inherently a losing strategy for intraday traders.