The EUR/USD pair continued to move very sluggishly on Thursday. The overall volatility of the day was an "unreal" 25 points. Basically, this is all that should be said about the pair's movements on Thursday. Recall that we usually recommend a minimum Take Profit of 30 points for any trades. It turns out that today the pair has passed less than the distance at which we recommend taking profit on an open deal. This speaks not even of weak volatility, but of low volatility. Moreover, if the pair were moving in a certain direction, it could be classified as a weak, but still an intraday trend. But no, the quotes stood in one place all day, not even trying to move when the European report on industrial production and the US one on the number of applications for unemployment benefits were published. For the sake of fairness, it should be noted that both of these reports are insignificant, and from the very beginning we did not expect that the markets would react to them. The trend on the 30-minute timeframe formally changed to an upward one, as the price settled above the downward trend line. However, the upward movement cannot start yet.
The movement looks even more sad on the 5 minute timeframe. We did not specifically mark the places when the reports from the European Union and the United States were published, because there is no need for this - anyway, there was no market reaction to them. At the same time, not a single buy or sell signal was formed during today. The price has simply not reached any of the available levels. Thus, novice traders should not have opened any trades today. And for the better, because with a volatility of 25 points, it is very dangerous to trade the pair. This is fraught with the formation of false signals and losses.
Trading tips for Friday:
The EUR/USD pair has completed the downward movement on the 30-minute timeframe, but so far it cannot start a new upward movement. Yesterday there was a small upward push that was triggered by the US inflation report, but this move ended very quickly. At this time, we cannot say that a new upward trend has begun. Thus, formally, we can now consider buy signals from the MACD indicator, but it should be remembered that the volatility for the pair remains low, and there is no trend movement. Therefore, we would recommend waiting for the movement to become stronger. On the 5-minute timeframe, it is recommended to trade from the levels 1.1689, 1.1710, 1.1752 (1.1756), 1.1802. 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 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. Novice traders will have nothing to pay attention to on Friday. There will be no important macroeconomic publications and events on 13 August.
