EUR/USD and GBP/USD trading plan for beginners on April 26, 2023
April 26, 2023 11:22 am
Details of the economic calendar on April 24
Data on the U.S. real estate market turned out to be slightly better than forecasts, but a decline was still recorded. The number of building permits issued showed a decrease of 7.7% MoM, while a decrease of 8.8% was forecasted. The number of building permits issued dropped from 1.550 million to 1.430 million, although only 1.413 million were forecasted. However, it should be noted that new home sales increased by 9.6% in March, which became an attractive indicator for speculators who increased the volume of dollar positions.
Trading chart analysis for April 25
EURUSD bounced off the local high of the medium-term upward trend, which led to an increase in the volume of short positions, and the euro rate fell below the 1.1000 level.
GBPUSD fell sharply by 0.8%, but this movement did not lead to anything radical. The quote continues to trade within the sideways range of 1.2350/1.2550.
Economic calendar for April 26
Today, traders’ attention will be focused on the volumes of durable goods orders in the United States, which may grow by 0.7% in March.
EUR/USD trading plan for April 26
In this situation, the quote’s repeated approach to the local high indicates that the upward mood still prevails in the market. In this regard, a return of the price above the 1.1000 level and a subsequent increase in the volume of long positions may lead to a new attempt to update the medium-term trend’s high. However, if the price stays below the 1.1000 level for an extended period, a transition from the pullback stage to a full-scale correction could occur, leading to a downward scenario targeting the 1.0900 value.
GBP/USD trading plan for April 26
Traders can freely work within the flat, as the range width is sufficient for speculative actions, which is confirmed by the recent price spike. However, the main strategy is still focused on the outgoing impulse from the flat, which, according to technical analysis, may indicate the future price movement.
Particular attention is paid to the breakout tactic, in which holding the price above the 1.2550 level for a four-hour period may lead to a continuation of the medium-term upward trend. If the price is held below the 1.2350 level, it may lead to further correction.
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 April 24
Data on the U.S. real estate market turned out to be slightly better than forecasts, but a decline was still recorded. The number of building permits issued showed a decrease of 7.7% MoM, while a decrease of 8.8% was forecasted. The number of building permits issued dropped from 1.550 million to 1.430 million, although only 1.413 million were forecasted. However, it should be noted that new home sales increased by 9.6% in March, which became an attractive indicator for speculators who increased the volume of dollar positions.
Trading chart analysis for April 25
EURUSD bounced off the local high of the medium-term upward trend, which led to an increase in the volume of short positions, and the euro rate fell below the 1.1000 level.
GBPUSD fell sharply by 0.8%, but this movement did not lead to anything radical. The quote continues to trade within the sideways range of 1.2350/1.2550.
Economic calendar for April 26
Today, traders’ attention will be focused on the volumes of durable goods orders in the United States, which may grow by 0.7% in March.
EUR/USD trading plan for April 26
In this situation, the quote’s repeated approach to the local high indicates that the upward mood still prevails in the market. In this regard, a return of the price above the 1.1000 level and a subsequent increase in the volume of long positions may lead to a new attempt to update the medium-term trend’s high. However, if the price stays below the 1.1000 level for an extended period, a transition from the pullback stage to a full-scale correction could occur, leading to a downward scenario targeting the 1.0900 value.
GBP/USD trading plan for April 26
Traders can freely work within the flat, as the range width is sufficient for speculative actions, which is confirmed by the recent price spike. However, the main strategy is still focused on the outgoing impulse from the flat, which, according to technical analysis, may indicate the future price movement.
Particular attention is paid to the breakout tactic, in which holding the price above the 1.2550 level for a four-hour period may lead to a continuation of the medium-term upward trend. If the price is held below the 1.2350 level, it may lead to further correction.
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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