EUR/USD and GBP/USD: Trading plan for beginner traders on October 13, 2023
October 13, 2023 10:21 am
Details of the Economic Calendar on October 12
Inflation in the USA remained at 3.7% in September, which is higher than the consensus forecast of 3.6%. Recall that the Federal Reserve closely monitors data on the pace of consumer price growth in the country, which is one of the important factors in making decisions regarding monetary policy. The central bank’s target inflation rate is 2%.
Analysis of Trading Charts from October 12
During the corrective movement, the EUR/USD currency pair temporarily surpassed the resistance zone of 1.0600/1.0620. However, after the release of inflation data in the U.S. everything changed significantly. The volume of dollar positions started to rise, leading to speculative price movement below the 1.0550 level.
The GBP/USD currency pair almost reached the resistance level of 1.2350 during the corrective movement, where the volume of long positions decreased. As a result, the upward cycle was interrupted, and based on market frenzy in dollar positions, there was an inertial move towards the 1.2150 level.
Economic Calendar for October 13
Today, the publication of data on industrial production in the EU is expected, and the pace of decline may accelerate from -2.2% to -3.2%. In the case of confirmation of the decline, the euro will continue to be under pressure from sellers.
EUR/USD Trading Plan for October 13
From a technical analysis perspective, the current movement is classified as inertial, which allows for the disregard of overbought signals for the euro in the short-term timeframes. In this case, there may be a subsequent price movement towards the local low of the downward trend.
GBP/USD Trading Plan for October 13
In the event of price stabilization below the 1.2150 level, a further downward phase may occur towards the upper region of the psychological level of 1.2000/1.2150. As for the upward scenario, it will be considered by traders in case the price remains above the control level.
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 October 12
Inflation in the USA remained at 3.7% in September, which is higher than the consensus forecast of 3.6%. Recall that the Federal Reserve closely monitors data on the pace of consumer price growth in the country, which is one of the important factors in making decisions regarding monetary policy. The central bank’s target inflation rate is 2%.
Analysis of Trading Charts from October 12
During the corrective movement, the EUR/USD currency pair temporarily surpassed the resistance zone of 1.0600/1.0620. However, after the release of inflation data in the U.S. everything changed significantly. The volume of dollar positions started to rise, leading to speculative price movement below the 1.0550 level.
The GBP/USD currency pair almost reached the resistance level of 1.2350 during the corrective movement, where the volume of long positions decreased. As a result, the upward cycle was interrupted, and based on market frenzy in dollar positions, there was an inertial move towards the 1.2150 level.
Economic Calendar for October 13
Today, the publication of data on industrial production in the EU is expected, and the pace of decline may accelerate from -2.2% to -3.2%. In the case of confirmation of the decline, the euro will continue to be under pressure from sellers.
EUR/USD Trading Plan for October 13
From a technical analysis perspective, the current movement is classified as inertial, which allows for the disregard of overbought signals for the euro in the short-term timeframes. In this case, there may be a subsequent price movement towards the local low of the downward trend.
GBP/USD Trading Plan for October 13
In the event of price stabilization below the 1.2150 level, a further downward phase may occur towards the upper region of the psychological level of 1.2000/1.2150. As for the upward scenario, it will be considered by traders in case the price remains above the control level.
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: