empty
06.03.2024 11:28 AM
EUR/USD and GBP/USD: trading plan for beginners on March 6

Detail of economic calendar on March 5

On Tuesday, traders got to know HCOB PMIs for the Eurozone. The actual data was stronger than flash estimates. The PMIs by the S&P Global and ISM for the US were also much better than estimated. The composite PMI by the S&P 500 Global went up, defying expectations for its decline.

Overview of charts on March 5

The EUR/USD pair is one step away from exiting the sideways channel of 1.0800/1.0850. However, analyzing the trading day on March 5, the instrument is currently accumulating trading forces, which is mirrored in the form of a Doji-type candle.

The GBP/USD pair overcame the level of 1.2700 during its rapid rally. This indicates a high excitement among traders about the upward cycle. As a result, traders increased long positions in the pound sterling.

This image is no longer relevant

Economic calendar on March 6

Data on retail sales in the eurozone will be available today. Retail sales could have slowed the rate of decline from -0.8% to -0.3% in February. In addition, forecasts for the labor market in the US are rather negative, since employment may grow by only 90K, which is considered a low figure. Let me remind you that the deteriorating situation in the labor market is a convincing factor for the Federal Reserve as the regulator may decide on an early rate cut.

This image is no longer relevant

Trading plan for EUR/USD on March 6

In case EUR/USD rises above 1.0850, the price may exit its trading range. Consequently, the euro will assert its strength, accompanied by increasing long positions toward 1.0900. As for the downward scenario, it will become relevant if the price does not stabilize above the upper border of the sideways channel. At the same time, EUR/USD could trade in the range of 50–60 pips.

This image is no longer relevant

Trading plan for GBP/USD on March 6

In case of the price growth, GBP/USD is likely to swing around 1.2800. This level previously served as resistance. However, if the price again falls below 1.2700 at the end of the day, then the sideways scenario of 1.2600/1.2700 will remain relevant in the market.

What's on charts

The candlestick chart type consists of graphic rectangles in white and black with lines at the top and bottom. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time period: opening price, closing price, maximum and minimum price.

Horizontal levels are price coordinates relative to which a price may stop or revered its trajectory. In the market, these levels are called support and resistance.

Circles and rectangles are highlighted examples where the price developed. This color highlighting indicates horizontal lines that may put pressure on the price in the future.

Up/down arrows are guidelines for a possible future trajectory.

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 April 4th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.2976 and planned to base market entry decisions around it. Let's look at the 5-minute chart to see what happened

Miroslaw Bawulski 19:55 2025-04-04 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 4th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.0994 level and planned to base my market entry decisions on it. Let's look at the 5-minute chart and break down what happened

Miroslaw Bawulski 19:52 2025-04-04 UTC+2

How to Trade the GBP/USD Pair on April 4? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD The GBP/USD pair also showed a strong upward movement on Thursday. Everything discussed in the EUR-related articles applies equally to the British

Paolo Greco 07:29 2025-04-04 UTC+2

How to Trade the EUR/USD Pair on April 4? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair posted a strong upward move on Thursday. There was only one reason for this situation: Donald Trump. This

Paolo Greco 07:29 2025-04-04 UTC+2

Trading Recommendations and Analysis for GBP/USD on 4: Can Powell Fix the Situation?

The GBP/USD currency pair also showed a strong upward movement on Thursday. Naturally, this was driven by just one factor. Late Wednesday evening, Donald Trump announced introducing new tariffs

Paolo Greco 06:06 2025-04-04 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 4: New Panic in the Market

The EUR/USD currency pair showed strong upward movement on Thursday. Frankly, we've been saying the same thing for the past two months: whenever the pair shows significant growth, it's only

Paolo Greco 06:06 2025-04-04 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 3rd (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3098 level and planned to base entry decisions on it. Let's take a look at the 5-minute chart to see what happened

Miroslaw Bawulski 18:28 2025-04-03 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 3rd (Review of Morning Trades)

In my morning forecast, I highlighted the 1.0952 level and planned to make entry decisions from there. Let's look at the 5-minute chart and analyze what happened. A drop followed

Miroslaw Bawulski 18:25 2025-04-03 UTC+2

How to Trade the GBP/USD Pair on April 3? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair surged by 160 pips and continues its rapid upward movement. Let us reiterate: we did not expect

Paolo Greco 07:26 2025-04-03 UTC+2

How to Trade the EUR/USD Pair on April 3? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair traded with gains on Wednesday, though this had nothing to do with the macroeconomic backdrop. The U.S. dollar

Paolo Greco 07:26 2025-04-03 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.