empty
22.11.2023 11:10 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on November 22, 2023

Details of the Economic Calendar on November 21

Existing home sales in the United States declined 4.1% in October, reaching 3.79 million—the lowest figure since August 2010.

The reduction has been recorded for the fifth consecutive month and was caused by the rise in mortgage rates and housing prices.

Analysis of Trading Charts from November 21

The EUR/USD currency pair, in the course of inertial-speculative movement, reached the lower range of the psychological level of 1.0950/1.1000. As a result, there was a reduction in the volume of long positions, leading to a price pullback. This movement is considered justified in the market due to the overbought status of the euro.

The GBP/USD pair reached the level of 1.2550, but due to an obvious technical signal of overbought conditions, a reduction in the volume of long positions could be observed, primarily leading to a slowdown in the upward cycle, and then to a pullback.

This image is no longer relevant

Economic Calendar on November 22

Today, the publication of data on orders for durable goods in the United States is expected, with an anticipated decrease of 2.8%. In addition, the overall number of unemployment benefit claims may rise by 5,000. In general, there is nothing positive, and everything indicates further weakening of the dollar. However, tomorrow is a holiday in the United States for Thanksgiving, and this may lead to the fixation of trading positions in favor of the dollar; in this case, negative statistics will not affect the market.

EUR/USD Trading Plan for November 22

To further increase the volume of short positions, it is necessary to keep the price below the level of 1.0900. In this case, a transition from the pullback stage to a full-scale correction is possible. An alternative scenario considers a reduction in the volume of short positions around the level of 1.0900, treating it as support. In this scenario, another attempt to break the psychological level of 1.1000 is possible.

This image is no longer relevant

GBP/USD Trading Plan for November 22

In the case of further building a pullback stage, the quote can at least drop to the level of 1.2500. The subsequent price movement will depend on how market participants behave near this level. Two possible scenarios will be considered. The first is based on the rebound tactic, where the level of 1.2500 will be played as support, strengthening long positions. The second scenario considers a transition from the pullback stage to a full-scale correction. In this case, the level of 1.2500 will be broken.

This image is no longer relevant

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,
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

Trading Recommendations and Analysis for GBP/USD on May 15: The Roller Coaster Begins

On Wednesday, the GBP/USD currency pair continued trading with an upward bias for some time, but it resumed its decline in the afternoon. From our perspective, the U.S. dollar

Paolo Greco 03:41 2025-05-15 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 15: Heading Down Again or Waiting for Trump?

The EUR/USD currency pair continued upward movement on Wednesday, but only briefly. In the afternoon, the euro started to decline, despite the lack of macroeconomic factors supporting such moves. Donald

Paolo Greco 03:41 2025-05-15 UTC+2

How to Trade the GBP/USD Pair on May 14? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair experienced significant growth, despite no clear catalyst behind it. On Monday, the dollar rose on specific grounds

Paolo Greco 06:11 2025-05-14 UTC+2

How to Trade the EUR/USD Pair on May 14? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair nearly fully recovered from Monday's decline. As reality has shown, strong reasons are required

Paolo Greco 06:11 2025-05-14 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 14: Even UK Unemployment Didn't Help...

On Tuesday, the GBP/USD currency pair easily recovered from the losses it experienced on Monday. Once again, we observe that the British pound rises more strongly than the euro

Paolo Greco 03:52 2025-05-14 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 14: The Circus Continues

The EUR/USD currency pair effortlessly regained most of Monday's losses. On Monday, it was reported that import tariffs between China and the U.S. had been reduced, which can legitimately

Paolo Greco 03:52 2025-05-14 UTC+2

How to Trade the GBP/USD Pair on May 13? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD On Monday, the GBP/USD pair also collapsed sharply, though it's more accurate to say the U.S. dollar showed strong growth. In recent

Paolo Greco 05:59 2025-05-13 UTC+2

How to Trade the EUR/USD Pair on May 13? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair plunged. Traders have likely gotten used to the idea that the U.S. dollar can't show strong

Paolo Greco 05:59 2025-05-13 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 13: A Sudden Turn

On Monday, the GBP/USD currency pair experienced a significant decline, which was driven by progress in negotiations between China and the United States. The logic here is strikingly simple

Paolo Greco 05:08 2025-05-13 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 13: Unexpected Origins

The EUR/USD currency pair showed strong downward movement on Monday, which hasn't happened in quite a while. However, the reasons behind the sharp and sudden surge in the U.S. dollar

Paolo Greco 05:08 2025-05-13 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.