EUR/USD and GBP/USD: Trading plan for beginners on July 11, 2023
July 11, 2023 9:24 am
Details of the economic calendar on July 10
Monday was marked by the absence of significant economic indicators in the European Union, the United Kingdom, and the United States.
In light of this, investors and traders turned their attention to the news flow. Yesterday, several representatives of the Federal Reserve System made speeches, unanimously emphasizing that an interest rate hike would be the optimal solution for the economy. However, the market reaction to these statements was the opposite, indicating that speculators do not believe in a subsequent significant tightening of monetary policy.
Analysis of trading charts from July 10
The EUR/USD currency pair reached a local high for June during an intense upward movement, which led to further growth in the volume of long positions and a breakout of the 1.1000 level.
The GBP/USD pair also demonstrated speculative activity and reached a new local high in the medium-term trend. The increase in the volume of long positions allowed the price to remain above the 1.2850 level.
Economic calendar for July 11
At the start of the European session, UK labor market data were published, showing a stronger than expected rise in the unemployment rate to 4%. Employment increased by 102,000 in May, with a forecast growth of 125,000. The labor market data were not the most favorable, but the pound sterling showed no reaction to them.
EUR/USD trading plan for July 11
Stable price retention above the psychological level suggests the possibility of subsequent growth and a potential update of the local high of the medium-term trend. Note that in the intraday period, the euro may face resistance in the area of 1.1070/1.1100, given its overbought status.
GBP/USD trading plan for July 11
In this situation, the initial signal of the overbought condition of the British currency is already observed, which may lead to a correction. However, in the case of continued momentum, there is a possibility of further movement towards the psychological level of 1.3000.
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 July 10
Monday was marked by the absence of significant economic indicators in the European Union, the United Kingdom, and the United States.
In light of this, investors and traders turned their attention to the news flow. Yesterday, several representatives of the Federal Reserve System made speeches, unanimously emphasizing that an interest rate hike would be the optimal solution for the economy. However, the market reaction to these statements was the opposite, indicating that speculators do not believe in a subsequent significant tightening of monetary policy.
Analysis of trading charts from July 10
The EUR/USD currency pair reached a local high for June during an intense upward movement, which led to further growth in the volume of long positions and a breakout of the 1.1000 level.
The GBP/USD pair also demonstrated speculative activity and reached a new local high in the medium-term trend. The increase in the volume of long positions allowed the price to remain above the 1.2850 level.
Economic calendar for July 11
At the start of the European session, UK labor market data were published, showing a stronger than expected rise in the unemployment rate to 4%. Employment increased by 102,000 in May, with a forecast growth of 125,000. The labor market data were not the most favorable, but the pound sterling showed no reaction to them.
EUR/USD trading plan for July 11
Stable price retention above the psychological level suggests the possibility of subsequent growth and a potential update of the local high of the medium-term trend. Note that in the intraday period, the euro may face resistance in the area of 1.1070/1.1100, given its overbought status.
GBP/USD trading plan for July 11
In this situation, the initial signal of the overbought condition of the British currency is already observed, which may lead to a correction. However, in the case of continued momentum, there is a possibility of further movement towards the psychological level of 1.3000.
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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