empty
23.09.2024 10:20 AM
Learning and Analysis: Trading Plan for Novice Traders EUR/USD and GBP/USD on 23.09.24

Details from the Economic Calendar on September 20

On Friday, the data on retail sales in the UK were published, showing a 1% increase in August. The actual figure significantly exceeded the forecasts of analytical agencies.

Analysis of Trading Charts from September 20

  • EUR/USD Currency Pair

The movement around the local high of the mid-term trend indicates a prevailing bullish sentiment among market participants.

  • GBP/USD Currency Pair

The close of the past trading week above the 1.3300 level indicates a prevailing bullish sentiment among market participants, which has already led to an update of the mid-term high.

This image is no longer relevant

Economic Calendar for September 23

The preliminary estimates of business activity indices are expected to be released today. In the Eurozone and the UK, no significant changes are anticipated for the main indicators, while in the United States, a noticeable decline is projected. Specifically, the composite business activity index in the US is expected to decrease from 54.6 points to 53.0 points.

Trading Plan – EUR/USD

Considering the potential for further selling of dollar positions in financial markets, the euro's upward momentum could lead the price to reach at least the resistance level of 1.1200/1.1280. For more significant price changes, it will be necessary to stabilize above these levels, which would indicate an update of the mid-term high. Until then, the resistance area will continue to exert pressure on buyers.

This image is no longer relevant

Trading Plan – GBP/USD

The price has stabilized above the 1.3300 level, which indicates the potential for further growth of the British pound. A gradual movement toward the 1.3600 level is possible if the upward cycle remains uninterrupted. However, if the price drops below 1.3300, a temporary stagnation or pullback may occur.

This image is no longer relevant

What Is Reflected on the Trading Charts?

  • Candlestick Chart: This consists of rectangular white and black bars with lines at the top and bottom. By analyzing each candle in detail, you can observe its characteristics relative to a specific time period: opening price, closing price, highest price, and lowest price.
  • Horizontal Levels: These represent price coordinates where the market might experience a pause or reversal. In trading, these levels are commonly referred to as support and resistance.
  • Circles and Rectangles: These highlight examples where the price reversed in the past. The color highlights indicate horizontal lines that may exert pressure on the price in the future.
  • Up/Down Arrows: These serve as indicators of potential future price direction.
Gven Podolsky,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on May 9th (Morning Trade Review)

In my morning forecast, I highlighted the 1.3283 level and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:05 2025-05-09 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 9th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.1257 level and planned to base entry decisions around it. Let's look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 19:01 2025-05-09 UTC+2

What to Pay Attention to on May 9? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Friday. Fundamental developments will also be limited, but it's entirely unclear which factors influence price formation. The pound and the euro had reasons

Paolo Greco 06:19 2025-05-09 UTC+2

How to Trade the GBP/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair continued its choppy decline within the sideways channel and failed to break out, unlike the EUR/USD pair

Paolo Greco 05:55 2025-05-09 UTC+2

How to Trade the EUR/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair unexpectedly exited the sideways channel where it had been trading for three weeks. This occurred during

Paolo Greco 05:55 2025-05-09 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 9: The Pound Remains Unshaken

On Thursday, the GBP/USD currency pair continued trading within the sideways channel, visible in the hourly timeframe. Two central bank meetings — each of which could be considered favorable

Paolo Greco 04:05 2025-05-09 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 9: Everything Eventually Comes to an End

The EUR/USD currency pair exhibited a particularly interesting trend on Thursday. As a reminder, the FOMC meeting results were announced Wednesday evening, and we once again considered them hawkish. It's

Paolo Greco 04:05 2025-05-09 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 8th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3286 level and planned to base market entries from it. Let's look at the 5-minute chart and analyze what happened. A breakout

Miroslaw Bawulski 19:22 2025-05-08 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 8th (Review of Morning Trades)

In my morning forecast, I focused on the 1.1269 level and planned to make market entry decisions from it. Let's take a look at the 5-minute chart and analyze what

Miroslaw Bawulski 19:19 2025-05-08 UTC+2

How to Trade the GBP/USD Pair on May 8? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair showed no notable movements on Wednesday. After Jerome Powell stated the need for more time to assess the full

Paolo Greco 06:05 2025-05-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.