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What events may affect market sentiment on July 25? Overview of fundamental events for beginners
July 25, 2023 4:24 amVideo
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Overview of macroeconomic reports
No important reports lined up in the European Union, the United Kingdom, or the United States. Therefore, traders will have nothing to react to during the day. On one hand, this is good as there won’t be price spikes. On the other hand, the volatility for both currency pairs can be very low. However, it’s essential to remember that this week there are European Central Bank and Federal Reserve meetings, which can lead to trends before the announcement of their results. But the outcomes are already well-known, so it is likely that we will witness very calm movements close to a flat.
Overview of fundamental events
There is absolutely nothing noteworthy about today’s fundamental events. Both central banks have entered a “blackout period.” This means that members of the monetary committees are prohibited from giving comments on monetary policy. Consequently, there will be no speeches until the central banks’ meetings. Tuesday may turn out to be quite dull, and both currency pairs may even start a bullish correction, but the movements are unlikely to be strong.
Bottom line
As mentioned, we can expect the absence of influential economic releases on Tuesday. So traders have to rely solely on technical analysis. If there are signs of flat movements, it is advisable to leave the market. More volatile movements may be observed during the US session.
Main rules of the trading system:
Comments on charts
Support and resistance levels are levels that serve as targets when opening long or short positions. Take Profit orders can be placed around them.
Red lines are channels or trend lines that display the current trend and show which direction is preferable for trading now.
The MACD (14,22,3) indicator, both histogram and signal line, is an auxiliary indicator that can also be used as a source of signals.
Important speeches and reports (always found in the news calendar) can significantly influence the movement of a currency pair. Therefore, during their release, it is recommended to trade with utmost caution or to exit the market to avoid a sharp price reversal against the previous movement.
Beginners trading in the forex market should remember that not every trade can be profitable. Developing a clear strategy and money management is the key to success in trading over a long period of time.
The material has been provided by InstaForex Company – www.instaforex.com
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