Trading plan for EUR/USD and GBP/USD on November 7
November 7, 2023 8:23 am
As business activity data in the eurozone matched the preliminary estimates, a small local rebound took place. It may continue to develop today if the report on producer prices indicates growth from -11.5% to -12.6%, which represents easing inflation. Such a scenario will increase the possibility of a decrease in interest rates by the European Central Bank, possibly in the near future.
EUR/USD slowed its increase around the level of 1.0750. This reduced the volume of long positions, causing a rebound to take place. In the case of a further weakening, euro could dip to 1.0650.
GBP/USD also slowed its growth around the level of 1.2400, leading to a reversal. If this continues, pound will fall to the level of 1.2270.
The material has been provided by InstaForex Company – www.instaforex.com
As business activity data in the eurozone matched the preliminary estimates, a small local rebound took place. It may continue to develop today if the report on producer prices indicates growth from -11.5% to -12.6%, which represents easing inflation. Such a scenario will increase the possibility of a decrease in interest rates by the European Central Bank, possibly in the near future.
EUR/USD slowed its increase around the level of 1.0750. This reduced the volume of long positions, causing a rebound to take place. In the case of a further weakening, euro could dip to 1.0650.
GBP/USD also slowed its growth around the level of 1.2400, leading to a reversal. If this continues, pound will fall to the level of 1.2270.
The material has been provided by InstaForex Company – www.instaforex.com
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