View Single Post
Old 10-07-2023, 15:34
KostiaFM's Avatar
KostiaFM KostiaFM is offline
Level V Lasers Member
Join Date: Mar 2019
Posts: 1,228
Default Re: Daily Market Analysis by ForexMart

EUR/USD and GBP/USD: Trading plan for beginners on July 10, 2023

Details of the economic calendar on July 7
U.S. labor market continues to show strength. Statistical data on the U.S. labor market indicates that the number of non-farm payrolls increased by 209,000 in June, slightly below the expected growth of 225,000. The unemployment rate also decreased to 3.6%, in line with expectations. These indicators indicate the ongoing strengthening of the American labor market.

Analysis of trading charts from July 7
The EUR/USD currency pair has nearly fully recovered its value after a recent correction. However, a resistance level around 1.1000 still stands in the way of buyers.

The GBP/USD pair has reached a local high in the process of inertial movement within a medium-term upward trend. As a result, there has been a reduction in long positions, leading to a price pullback.

Economic calendar for July 10
Monday is traditionally accompanied by an empty macroeconomic calendar. No important statistical data is expected to be published in the European Union, the United Kingdom, and the United States.

Therefore, investors and traders intend to rely on the incoming flow of information and news.

EUR/USD trading plan for July 10
Due to the technical overbought signal of the euro in the short-term and intraday periods, a price pullback is possible. To continue the current upward cycle, market participants need to overcome the resistance level around 1.1000. If the price remains consistently above this level, it may stimulate an increase in long positions.

GBP/USD trading plan for July 10
In this situation, the return of the price to the local high indicates a prevailing bullish sentiment among market participants. The pullback we are observing can serve as a stage for regrouping trading forces before further growth. To confirm the continuation of the upward trend, it is necessary to keep the price above the level of 1.2850, which may trigger a technical signal for further growth.

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.
Reply With Quote