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06.03.202413:18 Forex Analysis & Reviews: Analysis and trading tips for EUR/USD on March 6 (US session)

Analysis of transactions and trading tips on EUR/USD

Further growth became limited because the test of 1.0870 occurred during the sharp rise of the MACD line from zero. In addition, retail sales data in the eurozone coincided with the forecasts, so no strong surge happened in the pair.

In the afternoon, everything could change in an instant, as strong employment data from ADP, along with hawkish statements from Fed Chairman Jerome Powell, will fuel dollar demand, leading to a decline in EUR/USD. The speech of FOMC member Mary Daly may be ignored by market players.

Exchange Rates 06.03.2024 analysis

For long positions:

Buy when euro hits 1.0888 (green line on the chart) and take profit at the price of 1.0929. Growth will occur only after very weak data from the US and Powell's soft position in Congress.

When buying, ensure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0863, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.0888 and 1.0929.

For short positions:

Sell when euro reaches 1.0863 (red line on the chart) and take profit at the price of 1.0826. Pressure will return in the case of an unsuccessful consolidation around the daily high and strong data on the US labor market.

When selling, make sure that the MACD line lies below zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0888, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0863 and 1.0826.

Exchange Rates 06.03.2024 analysis

What's on the chart:

Thin green line - entry price at which you can buy EUR/USD

Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

Thin red line - entry price at which you can sell EUR/USD

Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.

MACD line- it is important to be guided by overbought and oversold areas when entering the market

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.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Jakub Novak,
Analytical expert of InstaSpot
© 2007-2024
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