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EUR/USD and GBP/USD: Trading plan for beginners on June 28, 2023
June 28, 2023 10:22 amVideo
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Details of the economic calendar on June 27
Statistics on durable goods orders in the United States were released, which unexpectedly increased by 1.7% in May. Forecasts of analytical agencies suggested a decrease by 1%.
However the main news, which became the factor for speculations in the financial markets, was the speech of European Central Bank President Christine Lagarde. She said that it was unlikely that the regulator could confidently declare peak rates in the near future. She also said that the ECB has enough reasons to raise rates further, and it is likely to happen in July.
This information was the basis for the rise in the euro exchange rate in the financial markets.
Analysis of trading charts from June 27
The EUR/USD currency pair has almost fully recovered its value after a recent decline, bringing the quotes back to the psychological level of 1.1000.
The GBP/USD pair, on the other hand, failed to show the same strength in the upward trend. The price halted at the upper boundary of the sideways range at 1.2700/1.2750 after a local upward jump.
Economic calendar on June 28
No significant statistical data releases are expected today in the EU, UK, and the United States. However, speeches by ECB and the Federal Reserve representatives are scheduled, which may influence financial markets. These speeches usually attract market participants’ attention as they sometimes provide insights into the monetary policy and economic prospects of the respective countries. These events can cause speculative movements in the market and affect currency and asset prices.
EUR/USD trading plan for June 28
In case of continued growth, reaching the level of 1.1000 is possible, which may indicate further extension of the medium-term upward trend. However, consider that a price rebound from the psychological level, as observed last week, is possible. Therefore, market participants will only take into account the main technical signal for trend continuation if the price remains above the 1.1050 level.
GBP/USD trading plan for June 28
The market continues to trade within a sideways range between the levels of 1.2700 and 1.2750. Therefore, a tactic of working with an expectation of a range breakout is reasonable. However, it should be noted that a breakout will be confirmed only after the price is sustained above or below the respective level for at least a four-hour period.
For an upward scenario, it is necessary for the price to hold above the 1.2750 level. In this case, a gradual recovery of the pound’s value after the recent corrective movement is possible.
A downward scenario will be considered if the price consistently holds below the 1.2700 level during the daily period. This could lead to the continuation of the current corrective movement.
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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