Analytics and trading signals for beginners. How to trade EUR/USD on June 2. Analysis of Tuesday. Getting ready for Wednesday - Kakiforex.com - Financial Market Media No. 1 in the World Analytics and trading signals for beginners. How to trade EUR/USD on June 2. Analysis of Tuesday. Getting ready for Wednesday Analytics and trading signals for beginners. How to trade EUR/USD on June 2. Analysis of Tuesday. Getting ready for Wednesday
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June 2, 2021

Analytics and trading signals for beginners. How to trade EUR/USD on June 2. Analysis of Tuesday. Getting ready for Wednesday

 The EUR/USD pair was not trading very actively again. Volatility during the day was only 41 points, which, of course, is very small. Therefore, it is still very difficult to trade and earn money in such conditions. How can you earn on a trade with a minimum Take Profit of 30 points if the pair passes only 40points for the entire day? In addition, the pair remains openly flat. This is clearly visible on the 30-minute timeframe. At the same time, both in the context of several weeks, and in the context of today specifically. On Tuesday, most of the day, the pair's quotes moved strictly sideways, so, in accordance with our recommendations, we should ignore all signals from the MACD indicator. Despite this movement in recent weeks, and despite overcoming the upward trend line, the upward trend still persists. This is supported by the fact that the price continues to be located near its local highs near the level of 1.2266, as well as near the 3-year highs near the level of 1.2350.


The picture on the 5-minute timeframe this time is about the same boring as on the 30-minute timeframe. A single signal was formed during the day - in the European trading session in the form of a rebound from the level of 1.2215. A buy deal should have been opened here, but, unfortunately, it closed at breakeven by Stop Loss at the beginning of the American trading session. Around the same time, another buy signal could have formed in the form of a rebound from the same level 1.2215, but the price did not reach it for the second time, literally one point. Thus, a potentially profitable trade was closed by accident and a new signal, potentially profitable, was not formed due to one pip. Bad luck. On the other hand, with such minimal volatility and with frequent price reversals, losses could be incurred. But this also did not happen. As for macroeconomic statistics, there were plenty of them today. We usually mark the times of important publications with ticks in the illustrations, but today there is no need for this, since no report has caused an unambiguous reaction from the markets. Of the really important publications, we note inflation in the European Union, which accelerated to 2% y / y, and the ISM PMI in the US manufacturing sector, which rose to 61.2.


Trading tips for Wednesday:


The upward trend is still maintained on the 30-minute timeframe, so we continue to recommend considering long positions. However, the movement remains as close to flat as possible, so the MACD indicator can generate false signals. Thus, tomorrow we recommend that novice traders monitor buy signals from the MACD indicator, but if signs of a flat appear again, ignore them. It is recommended to trade from the levels 1.2159, 1.2181, 1.2215 and 1.2266 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. At 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 Wednesday, we recommend that novice traders pay attention to Christine Lagarde's speech. More precisely, to be more careful during her speech, since what Lagarde will announce will become known later. Unless you follow her online. And no more important events are planned for tomorrow.