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10.11.2022 11:35 AM
Tips for beginner traders in EUR/USD and GBP/USD on November 10, 2022

Details of the economic calendar for November 9

The macroeconomic calendar was empty, which did not interest traders since all the attention was on counting ballots.

House of Representatives: Democrats 184 - Republicans 207. Control requires 218 seats out of 435.

Senate: Democrats 48 - Republicans 48. Control requires 51 seats out of 100.

The data is not final, the ballots are still being counted.

Analysis of trading charts from November 9

The EURUSD currency pair rebounded from the area of the local high in October with surgical precision. As a result, there was a pullback in the direction of the parity level.

The GBPUSD currency pair showed a fairly active attitude during the past day, due to which the quote dropped by about 200 points. As a result, the pound went below 1.1400, which aggravated short positions. In fact, as of writing, there was a technical signal about the oversold value of the pound sterling in short-term time periods. This, in turn, led to a pullback during the Pacific and Asian sessions.

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Economic calendar for November 10

Today, once data on ballot counting is finalized, there may be activity in the media regarding the results. Also, the focus will be on data on inflation in the United States, which may decrease from 8.2% to 8.0%, which will be the fourth consecutive decline in inflation. If these forecasts coincide, this may calm the market somewhat regarding the pace of interest rate hikes. In this case, the US stock market will move to growth, and the dollar will sell off.

Time targeting:

US Inflation – 13:30 UTC

Trading plan for EUR/USD on November 10

In this situation, the parity level serves as support in the market. Thus, strengthening of long positions is possible. The subsequent intensive growth of the euro is expected only after holding the price above the October local high in a four-hour period.

As for the downward scenario, for its consideration, the quote must first hold below 0.9950. This price move may restart short positions.

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Trading plan for GBP/USD on November 10

Now a lot will depend on how speculators behave against the background of the information and news flow. From a technical analysis point of view, the situation is as follows: the upward scenario will be considered by traders if the price returns above 1.1450; the downward scenario will be relevant if the price stays below 1.1300.

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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
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