EUR/USD and GBP/USD: Trading plan for beginner traders on October 9, 2023
October 9, 2023 9:24 am
Details of the Economic Calendar on October 6
The report from the United States Department of Labor exceeded expectations, revising job creation estimates upwards. Instead of the projected 150,000 jobs, a total of 336,000 jobs were created, and previous data were also revised upwards from 187,000 to 227,000. As a result of this updated report, the unemployment rate remained stable at 3.8%. Given these improved labor market indicators in the United States, the Federal Reserve may have the opportunity to raise interest rates in the future.
Analysis of Trading Charts from October 6
The EUR/USD currency pair experienced a corrective movement, rising to the resistance level in the range of 1.0600–1.0620, where a reduction in long positions was observed.
The GBP/USD currency pair also underwent a corrective movement and nearly reached the level of 1.2270, which represents the local high of the previous correction. A decline in the volume of long positions was observed in this area, leading to a slowdown in the corrective movement.
Economic Calendar on October 9
Monday, as usual, comes with an empty macroeconomic calendar. There are no significant statistical data releases expected in the European Union, the United Kingdom, or the United States.
In light of this, investors and traders are likely to rely on incoming news and information flows to make decisions in the market.
EUR/USD Trading Plan for October 9
For the next stage of correction, a stable price stabilization above the resistance area is required. In the case of successful stabilization, growth towards the level of 1.0680 is possible. However, if the price does not hold in this area, there is a risk of gradual increase in short positions, which could bring the quote back to the level of 1.0500.
GBP/USD Trading Plan for October 9
For the further development of the corrective movement, it is necessary for the price to stabilize above the level of 1.2270. In such a scenario, gradual growth towards the level of 1.2350 is possible.
If considering a bearish scenario, an increase in short positions is expected after the price falls below the level of 1.2100. In this case, a local low could be reached, and the lower range of the psychological level of 1.1950/1.2000 would be considered as support.
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 6
The report from the United States Department of Labor exceeded expectations, revising job creation estimates upwards. Instead of the projected 150,000 jobs, a total of 336,000 jobs were created, and previous data were also revised upwards from 187,000 to 227,000. As a result of this updated report, the unemployment rate remained stable at 3.8%. Given these improved labor market indicators in the United States, the Federal Reserve may have the opportunity to raise interest rates in the future.
Analysis of Trading Charts from October 6
The EUR/USD currency pair experienced a corrective movement, rising to the resistance level in the range of 1.0600–1.0620, where a reduction in long positions was observed.
The GBP/USD currency pair also underwent a corrective movement and nearly reached the level of 1.2270, which represents the local high of the previous correction. A decline in the volume of long positions was observed in this area, leading to a slowdown in the corrective movement.
Economic Calendar on October 9
Monday, as usual, comes with an empty macroeconomic calendar. There are no significant statistical data releases expected in the European Union, the United Kingdom, or the United States.
In light of this, investors and traders are likely to rely on incoming news and information flows to make decisions in the market.
EUR/USD Trading Plan for October 9
For the next stage of correction, a stable price stabilization above the resistance area is required. In the case of successful stabilization, growth towards the level of 1.0680 is possible. However, if the price does not hold in this area, there is a risk of gradual increase in short positions, which could bring the quote back to the level of 1.0500.
GBP/USD Trading Plan for October 9
For the further development of the corrective movement, it is necessary for the price to stabilize above the level of 1.2270. In such a scenario, gradual growth towards the level of 1.2350 is possible.
If considering a bearish scenario, an increase in short positions is expected after the price falls below the level of 1.2100. In this case, a local low could be reached, and the lower range of the psychological level of 1.1950/1.2000 would be considered as support.
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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