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How to trade the EUR/USD pair on September 16? Simple tips for beginners

Analysis of Friday deals:

30M chart of the EUR/USD pair


The EUR/USD pair continued to trade in absolute flat on Wednesday. All movements now pass between the levels of 1.1802 and 1.1851. The pair spent three days in this range last week and already two on this one. Thus, there is no need to talk about any tendency now. For the same reason, you should still not consider signals from the MACD indicator. Volatility is low right now, most of the days end with a result of no more than 40 points. Even when relatively important macroeconomic data are published. For example, like today. Reports on industrial production in the US and the European Union, of course, are not considered the most important, nevertheless, they could provoke at least some kind of market reaction. At least the European report, the value of which turned out to be significantly higher than forecasted. But no. Nothing of the kind followed.

5M chart of the EUR/USD pair


The technical picture on the 5-minute timeframe is not much different from the 30-minute timeframe. The pair is trading between the same levels of 1.1802 and 1.1851, but at least forms signals sometimes. Today, in fact, only one such signal has been generated. The pair moved along the level of 1.1802 at the very beginning of the European trading session for an hour and a half, but ultimately bounced off this level, forming a buy signal. The signal is weak and inaccurate, so novice traders had the right to ignore it. Moreover, the quotes still could not reach the level of 1.1851 (the closest target). However, the price still passed 24 points upwards, which was enough to place a Stop Loss order at breakeven, but not enough to trigger a Take Profit order, which we recommend placing at least 30 points from the formation of the signal. Thus, the long position was closed at breakeven. By and large, now the key question is when the flat movement will end. It would be interesting to know when the markets are going to start trading the pair more actively, so that it passes more than 40 points per day. Today, for example, volatility was 33 points...

How to trade on Thursday:

The EUR/USD pair has long left the rising channel on the 30-minute timeframe. There is no trend as such at this time. The movements are still very weak, so we still do not recommend considering the MACD indicator as a source of trading signals. In addition, traders fail to overcome either the 1.1802 level or the 1.1851 level, so the future prospects for the pair are absolutely vague. On the 5-minute timeframe, it is recommended to trade from the levels 1.1735, 1.1778, 1.1802, 1.1851, 1.1880. Take Profit, as before, is set at a distance of 30-40 points. Stop Loss - to breakeven when the price passes in the right direction by 15 points. At the 5M TF, the target can be the nearest level if it is not too close or too far away. If located - then you should act according to the situation. On Thursday, European Central Bank President Christine Lagarde will speak at the European Union. The signboard for this event is loud, but the head of the ECB has already spoken several times in recent days and each time there has been no reaction from the markets. Therefore, there is little hope that tomorrow will be different. A report on retail sales will be released in America, and if the deviation from the forecast value is large, one can expect at least a weak reaction.

We also recommend that you familiarize yourself with the GBP/USD review.

On the chart:

Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

Red lines are the channels or trend lines that display the current trend and show in which direction it is better to trade now.

The MACD indicator (14, 22, 3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend lines (channels and 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 on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time.

The material has been provided by InstaForex Company -