The EUR/USD pair was trading quite actively on Friday, but at the same time there were also a fairly large number of various fundamental and macroeconomic events during the day, which in one way or another, influenced the pair's movement and formed signals. Since the upward trend persists on the 30-minute timeframe, only buy signals from the MACD indicator should have been considered on Friday. And none of them deserved attention. Either the indicator turned up too high, then too low relative to the zero level. Thus, trades on this timeframe should not have been opened on Friday. In general, the picture remained the same after Friday's trading, since, in fact, nothing has changed at all. The pair only corrected to the level of 1.2174, which, by the way, it did for the second time, but so far there is no need to talk about continuing the downward movement, and the rising trend line sustains the bullish mood of traders.
Now let's take a look at the 5 minute timeframe. Last Friday there were five signals that were formed here. Let's try to figure out which ones should have been worked out and which shouldn't. At the very beginning of the European trading session, the price initially settled below the level of 1.2234, and then bounced off it. Thus, a sell signal was formed, which should have been worked out. After its formation, the pair went down 15 points or a little more, so Stop Loss should have been set at breakeven. After that, the price returned to the level of 1.2234, so the deal was closed by Stop Loss. A new sell signal was immediately formed, as the pair bounced off the level of 1.2234 again. However, this signal should not have been worked out, since literally 15-20 minutes after the rebound, the European Central Bank President Christine Lagarde began to deliver her speech, who, as it turned out later, shared quite important information with the markets, which caused the pair to fall within the day. The next signal appeared at the US session in the form of a price rebound from the level of 1.2174, however, it should not have been worked out, since literally half an hour before that, a report on the American economy had already been published - business activity indices in the services and manufacturing sectors, which turned out to be strong enough and allowed the pair to sink a little more. All subsequent signals should have been filtered out all the more, since they were formed practically before the close of the working week.
Trading tips for Monday:
There is still a clear upward trend for novice traders on the 30 minute timeframe, so it is recommended that you continue to consider long positions. The MACD indicator is now quite low, so it can form strong signals, but for this it is necessary that it turns upwards, and it is already directed upwards. It is recommended to trade from the levels 1.2150, 1.2161, 1.2174 and 1.2234 on the 5-minute timeframe. 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 15-20 points. The target at the 5M TF 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. No major events scheduled in the United States or the European Union on Monday. Therefore, today's movements might be very calm and with low volatility. However, this does not mean that there is a 100% probability that there will be a flat today.
