EUR/USD and GBP/USD: Trading plan for beginners on June 19, 2023
June 19, 2023 10:22 am
Details of the economic calendar on June 16
Inflation in the Eurozone fell to 6.1% in May, matching the preliminary estimate, which is why there was no market reaction.
Analysis of trading charts from June 16
During its inertial upward movement, EUR/USD reached the lower range of the 1.0950/1.1000 psychological level. This led to a reduction in long positions and the emergence of stagnation and price pullback.
GBP/USD experienced a slight decline in value despite being overbought in the market. This indicates a strong desire among speculators to continue the upward trend, despite the technical signal about overheating of long positions.
Economic calendar for June 19
Today, there are no significant macroeconomic events on the calendar, and in addition to that, it is a public holiday in the United States. As a result, a decrease in trading volumes is expected, which could negatively affect market volatility.
EUR/USD trading plan for June 19
Price stagnation can play the role of regrouping trading forces and removing the overbought status. If the euro quotes updates last week’s high, it could lead to a shift in fluctuations towards the upper range of the psychological level of 1.1000/1.1050. Such a move could strengthen long positions on the euro. However, traders are also considering a bearish scenario in which a full-scale pullback occurs towards the 1.0900 level.
GBP/USD trading plan for June 19
If the price remains above the 1.2850 level, a new wave of growth is possible, leading to the continuation of the inertial cycle. In such a case, we can expect a movement towards the psychological level of 1.3000. However, an alternative scenario suggests the possibility of transitioning from stagnation to a pullback stage with the target of reaching the 1.2700 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 June 16
Inflation in the Eurozone fell to 6.1% in May, matching the preliminary estimate, which is why there was no market reaction.
Analysis of trading charts from June 16
During its inertial upward movement, EUR/USD reached the lower range of the 1.0950/1.1000 psychological level. This led to a reduction in long positions and the emergence of stagnation and price pullback.
GBP/USD experienced a slight decline in value despite being overbought in the market. This indicates a strong desire among speculators to continue the upward trend, despite the technical signal about overheating of long positions.
Economic calendar for June 19
Today, there are no significant macroeconomic events on the calendar, and in addition to that, it is a public holiday in the United States. As a result, a decrease in trading volumes is expected, which could negatively affect market volatility.
EUR/USD trading plan for June 19
Price stagnation can play the role of regrouping trading forces and removing the overbought status. If the euro quotes updates last week’s high, it could lead to a shift in fluctuations towards the upper range of the psychological level of 1.1000/1.1050. Such a move could strengthen long positions on the euro. However, traders are also considering a bearish scenario in which a full-scale pullback occurs towards the 1.0900 level.
GBP/USD trading plan for June 19
If the price remains above the 1.2850 level, a new wave of growth is possible, leading to the continuation of the inertial cycle. In such a case, we can expect a movement towards the psychological level of 1.3000. However, an alternative scenario suggests the possibility of transitioning from stagnation to a pullback stage with the target of reaching the 1.2700 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
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