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EUR/USD and GBP/USD: Trading plan for beginner traders on October 27, 2023
October 27, 2023 9:25 amVideo
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Details of the Economic Calendar on October 26
Thursday became one of the key days on the macroeconomic calendar due to the ECB meeting. At the end of the meeting, the Governing Council decided to leave interest rates unchanged. This decision was in line with market expectations.
The regulator plans to continue following its approach, according to which decisions on interest rates and the timing of the application of restrictive measures are determined based on incoming statistical data. As for the possibility of lowering the base rate, European Central Bank President Christine Lagarde stated that this issue was not discussed at the last meeting, and its discussion would be premature. Despite the window for raising rates remaining open, the regulator does not seem prepared to move in that direction in the near future.
Analysis of Trading Charts from October 26
The EUR/USD currency pair dropped close to the 1.0500 support level during the recent decline. In this area, a reduction in short positions was observed, leading to a price rebound and partial recovery of the euro after the previous decline.
A similar technical picture is seen in the GBP/USD currency pair. The downward cycle led to the price approaching the upper range of the psychological level of 1.2000/1.2050, resulting in a reduction in short positions, leading to a rebound.
Economic Calendar for October 27
Today, the macroeconomic calendar is practically empty. The only event worth noting is the data on spending and income in the United States.
EUR/USD Trading Plan for October 27
In theory, the current rebound could lead to a return of the price to the level of 1.0600, which, in turn, could create a sideways trading range between the values of 1.0500 and 1.0600. However, if the current rebound slows down the formation and the price stabilizes below the level of 1.0550, there is a high probability of breaking below the level of 1.0500.
GBP/USD Trading Plan for October 27
Partial recovery of the pound’s value has led to a return of the price to the previously reached level of 1.2150. In this situation, price stabilization above this level during the day is necessary for further growth. Otherwise, the creation of a sideways trading range between the values of 1.2050 and 1.2150 is possible.
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
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