The EUR/USD pair was trading on Tuesday... it was not trading at all. Volatility for the day was 30 points. Therefore, it was extremely difficult to extract even a few points of profit from such movements. In principle, everything is clear with the 30-minute timeframe, since we did not recommend looking for signals from the MACD indicator on it due to the fact that the pair has been trading in the sideways channel 1.2110-1.2260 for several weeks. That is, the channel is not just horizontal, not just with absolutely vague boundaries, but also quite wide. In general, in such conditions it is more expensive to look for signals on a 30-minute timeframe. During the day, one more or less significant report on the Eurozone GDP for the first quarter in the third estimate was published. Unexpectedly, this report was stronger than the previous two estimates, as it showed less contraction in the first quarter than it was before. However, on the basis of these data, it received no support for the European currency.
The technical picture is even more eloquent on the 5-minute timeframe. The pair spent the whole day near the level of 1.2181, breaking it 10 times in total. Formally, these were all signals, but at the very beginning of the European trading session it became clear that the pair was in a flat. Even the very first signal is completely incomprehensible how to interpret, because the pair did not rebound from the level 1.2181, and did not overcome it. After that, when the quotes had already returned to this level, it was generally not clear in which direction the pair was moving. Thus, novice traders had to ignore all of these signals today. At most, newbies could enter the market on the second signal - a rebound from the level of 1.2181, get a loss of about 8-10 points and no longer open deals, since at that time around the level of 1.2181 there were already two false signals. Accordingly, all subsequent ones should not be considered at all.
Trading tips for Wednesday:
The downward trend is canceled on the 30-minute timeframe, so at this time the pair is again out of any trend. Formally, we can say that an upward trend has now begun, but in fact the pair continues to remain between the levels of 1.2110 and 1.2260. Not the narrowest, and not quite a side channel, but such is the reality. Thus, from the current position, the pair can move in any direction with the same probability. Therefore, we again do not recommend tracking any signals from the MACD indicator on the 30-minute timeframe. It is recommended to trade from the levels 1.2159, 1.2181 and 1.2215 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. No important events and reports are scheduled for Wednesday in the European Union and America. Thus, the pair may continue to be in a completely incomprehensible or completely flat movement. At the slightest suspicion of a flat tomorrow, we recommend not to enter the market.
