EUR/USD and GBP/USD: Trading plan for beginner traders on August 22, 2023
August 22, 2023 9:24 am
Details of the Economic Calendar on August 21
Monday, as usual, was accompanied by an empty macroeconomic calendar. No significant statistical data were published in the European Union, United Kingdom, or United States.
Analysis of Trading Charts from August 21
EUR/USD opened the trading week with an increase in the volume of long positions. As a result, the quote rose above the level of 1.0900, which may signal the possible end of the correction phase.
On the other hand, the GBP/USD currency pair has continued to move within a sideways range for the third consecutive week without significant changes. It is noted that recent price changes have caused an upward movement from the lower boundary of the range to the upper one, as can be observed on the chart.
Economic Calendar for August 22
Tuesday turned out to be almost the same as Monday, as the macroeconomic calendar remained practically empty. The only thing worth noting is the statistics on sales in the secondary housing market in the United States, where a decline in volumes is expected.
EUR/USD trading plan for August 22
Stable maintenance of the price above the level of 1.0900 may have a positive effect on the euro rate. However, until we see a breach of the 1.0950 level, we cannot assert with absolute confidence that sellers have eased their pressure and that the correction movement will no longer resume in the market.
GBP/USD trading plan for August 22
In this situation, traders prefer a breakout strategy, as this approach can clearly indicate the subsequent direction of market prices.
A decline will become relevant if the price consistently stays below the 1.2650 level. This condition could contribute to the continuation of a downward corrective movement.
A rise assumes a gradual recovery of the pound sterling’s value relative to the current corrective movement. A primary technical signal of potential growth may appear if the price holds above the 1.2800 mark.
What’s on the charts
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset’s price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
The material has been provided by InstaForex Company – www.instaforex.com
Details of the Economic Calendar on August 21
Monday, as usual, was accompanied by an empty macroeconomic calendar. No significant statistical data were published in the European Union, United Kingdom, or United States.
Analysis of Trading Charts from August 21
EUR/USD opened the trading week with an increase in the volume of long positions. As a result, the quote rose above the level of 1.0900, which may signal the possible end of the correction phase.
On the other hand, the GBP/USD currency pair has continued to move within a sideways range for the third consecutive week without significant changes. It is noted that recent price changes have caused an upward movement from the lower boundary of the range to the upper one, as can be observed on the chart.
Economic Calendar for August 22
Tuesday turned out to be almost the same as Monday, as the macroeconomic calendar remained practically empty. The only thing worth noting is the statistics on sales in the secondary housing market in the United States, where a decline in volumes is expected.
EUR/USD trading plan for August 22
Stable maintenance of the price above the level of 1.0900 may have a positive effect on the euro rate. However, until we see a breach of the 1.0950 level, we cannot assert with absolute confidence that sellers have eased their pressure and that the correction movement will no longer resume in the market.
GBP/USD trading plan for August 22
In this situation, traders prefer a breakout strategy, as this approach can clearly indicate the subsequent direction of market prices.
A decline will become relevant if the price consistently stays below the 1.2650 level. This condition could contribute to the continuation of a downward corrective movement.
A rise assumes a gradual recovery of the pound sterling’s value relative to the current corrective movement. A primary technical signal of potential growth may appear if the price holds above the 1.2800 mark.
What’s on the charts
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset’s price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: