Forex Analysis & Reviews: 09.06.2021 - Trading recommendations for...

09.06.2021 12:07 PM

Trading recommendations for starters of EUR/USD and GBP/USD on June 9, 2021

Here are the details of the economic calendar from June 8:

The third estimate of European GDP was published during the previous day, where the rate of a slowdown in the economic downturn was from -4.9% to -1.3%, while the first and second estimates of GDP indicated -1.8%. The results were very unexpected for traders. The divergence of expectations did not allow the euro to weaken but it also failed to strongly strengthen.

During the US trading session, data on open vacancies in the JOLTS labor market for April were released. The value of which rose from 8,288 thousand to 9,286 thousand.

The discrepancy between the forecast and the fact is quite large since the growth was predicted only to 8,300 thousand. The US dollar received support in the form of local strengthening.

What does the data on open vacancies indicate?

Job Openings (JOLTS) is a survey conducted by the United States Bureau of Labor Statistics that estimates the number of job openings available. In fact, this is one of the indicators of the labor market, which means that the growth of vacancies subsequently leads to a decrease in the unemployment rate in the country.

Analysis of trading charts from June 8:

The EUR/USD pair had a fairly low activity yesterday, which was similar to the price stagnation. It didn't make much sense to trade within the 30-point range, so traders mostly stayed out of the market.

The trading recommendation on June 8 considered a possible strengthening of the downward course, but the entry into the market should have been carried out after breaking through the level of 1.2160, which did not happen. Thus, no trading positions were opened.

The GBP/USD pair has been moving in the sideways channel 1.4100/1.4245 for 17 consecutive trading days, consistently working out the set borders. Following the 70 extreme hourly candlesticks, traders could notice a special concentration of trading forces in the lower part of the channel, which led to a compression of the current amplitude.

The trading recommendation on June 8 considered the tactics of trading on a rebound from the given coordinates 1.4100/1.4172/1.4245, which is still considered an actual strategy.

Trading recommendation for EUR/USD and GBP/USD on June 9, 2021

We have an almost empty economic calendar today, as important statistics from the UK, EU, and the US will not be published. Most traders are waiting for the main event of the current week, which are the results of the ECB's planned meeting, as well as the US inflation data that will be published tomorrow.

In the absence of important statistical data, speculators will pay special attention to the information flow, identifying hot topics related to the ECB meeting and data on US inflation.

Looking at the EUR/USD trading chart, one can see the price fluctuations in the range of 1.2160-1.2200, where the process of accumulation of trading forces is taking place. Following a given amplitude, the best trading tactic is considered to be the method of breaking through a particular stagnation border, working on the principle of an outgoing impulse.

As for the trading chart of the GBP/USD, price fluctuations within the borders of the sideways channel can be observed, where special attention is paid to the mid-level area. The quote needs to stay above the level of 1.4200 in order for the price to move to the upper part of the upper side channel 1.4172/1.4245.

In the opposite case, it is impossible to exclude a rebound from the average level of the channel on a downward trajectory.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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