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06.12.2023 10:39 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on December 6, 2023

Details of the Economic Calendar on December 5

The Producer Price Index in the EU was published, which fell to -9.4% from the previous figure of -12.4%, contrary to analysts' expectations of a decrease to -9.5%.

Analysis of Trading Charts from December 5

The EUR/USD currency pair broke through the 1.0800 support level after a brief pullback, indicating further development of a corrective move from the resistance level of 1.1000.

The GBP/USD pair extended the existing market correction. As a result, the quote temporarily fell below the value of 1.2600, indicating an increase in the volume of short positions.

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Economic Calendar for December 6

Today, the publication of retail sales data in the EU is expected, where a slowdown in their decline from -2.9% to -0.8% is anticipated.

During the American trading session, equally important statistical data is expected. Traders will undoubtedly be interested in the ADP employment report in the United States, where an increase of 130,000 jobs is forecasted for November.

The ADP report is often considered by traders as a leading indicator of the U.S. Department of Labor's employment report.

EUR/USD Trading Plan for December 6

Despite the high excitement among traders, a technical signal of oversold conditions is already observed for short positions on the euro in the market. However, a stable price retention below the level of 1.0800 throughout the day, coupled with the momentum-speculative move, may lead to further decline, ignoring the technical signal of the euro being oversold.

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GBP/USD Trading Plan for December 6

Based on the weekly price fluctuation cycle, a characteristic lateral amplitude of 1.2600/1.2700 can be observed, within which the quote moves. In this situation, the optimal tactic is considered to be the outgoing impulse method from the sideways range.

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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.

Gven Podolsky,
الخبير التحليلي لدى شركة إنستافوركس
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كسب عائد من تغيرات أسعار العملات المشفرة مع إنستافوركس.
قم بتحميل منصة التداول ميتاتريدر 4 وافتح أول صفقة.
  • Grand Choice
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  • إيداع الحظ
    قم بإيداع 3,000 دولار في حسابك واحصل على $3,000 وأكثر من ذالك!
    في نوفمبر نحن نقدم باليانصيب $3,000 ضمن حملة إيداع الحظ!
    احصل على فرصة للفوز من خلال إيداع 3,000 دولار في حساب تداول. بعد أن استوفيت هذا الشرط، تصبح مشاركًا في الحملة.
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  • تداول بحكمة، اربح جهازا
    قم بتعبئة حسابك بمبلغ لا يقل عن 500 دولار ، واشترك في المسابقة ، واحصل على فرصة للفوز بأجهزة الجوال.
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  • بونص 100٪
    فرصتك الفريدة للحصول على بونص 100٪ على إيداعك
    احصل على بونص
  • بونص 55٪
    تقدم بطلب للحصول على بونص 55٪ على كل إيداع
    احصل على بونص
  • بونص 30٪
    احصل على بونص 30٪ في كل مرة تقوم فيها بتعبئة حسابك
    احصل على بونص

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