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07.11.2022 11:15 AM
Tips for beginner traders in EUR/USD and GBP/USD on November 7, 2022

Details of the economic calendar from November 4

Last Friday's main event was the United States Department of Labor report, which surprised market participants. The unemployment rate was forecasted to rise by 0.1% to 3.6%. However, unemployment in the US accelerated more than expected to 3.7%, which was the catalyst for the dollar sell-off.

As for the jobs created outside of agriculture, they came out better than expected, with growth of 261,000. The indicator is high, but at the same time it is the lowest since the beginning of the year. That is, the growth rate of the labor market is slowing down.

A strong labor market can become the trump card of the Fed in the tightening of monetary policy.

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Analysis of trading charts from November 4

The EURUSD currency pair closed last Friday with the strongest upward move, strengthening the euro by 2.18%, which is about 210 points. As a result, the quote came close to the level of parity.

The GBPUSD currency pair flew up after the market, winning back almost all of the decline a day earlier. Typical speculative interest returned the quote to the lower border of the area of interaction of trade forces 1.1410/1.1525. The scale of the pound's strengthening on Friday amounted to almost 2%, which is about 220 points.

Economic calendar for November 7

Monday is usually accompanied by an empty macroeconomic calendar. Important statistics in Europe, the United Kingdom, and the United States are not expected.

In this regard, investors and traders will be guided by the incoming information and news flow, which is focused on the US elections.

Trading plan for EUR/USD on November 7

The new trading week started with a downside gap of about 60 points, with upward interest still taking place in the market.

Therefore, keeping the price above the parity level may lead to a subsequent rise in the euro.

Traders also consider the downward scenario because the quote may still rebound from the parity level.

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Trading plan for GBP/USD on November 7

Despite the downward gap, there is still an upward trend in the market. For this reason, holding the price higher than 1.1410 may well lead to a subsequent increase in the volume of long positions.

Note that as long as the quote is below 1.1410, the risk of a downward price rebound remains.

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What is shown in the trading charts?

A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.

Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.

Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.

The up/down arrows are the reference points of the possible price direction in the future.

Gven Podolsky,
Analytical expert of InstaForex
© 2007-2024
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