empty
07.03.2024 08:59 AM
Trading plan for EUR/USD and GBP/USD on March 7

The almost two-week stagnation in euro and pound ended despite the extremely weak retail sales data in the eurozone. According to reports, the pace of decline accelerated from -0.5% to -1.0%, instead of slowing down to -0.3%. Consumer activity also continued to dip.

Growth occurred because of the employment data in the US and the meeting of the European Central Bank. The former, albeit weak, exceeded expectations. It increased by 140,000, significantly more than the expected 90,000. However, to maintain stability, employment should grow by 250,000 per month. The best result for the last seven months should be December's, when the index rose by nearly 150,000. Considering this, the labor market situation in the US does not seem too optimistic, so dollar lost its positions despite weak data from Europe.

As for the ECB meeting, interest rates will remain unchanged. However, Christine Lagarde will hold a press conference, and she will likely outline an approximate timing for the start of monetary policy easing. The first reduction may take place in about a month and a half. Such a decision will weaken risk appetite, so by the end of the trading day, euro may return to the range it traded in for almost two weeks until yesterday.

This image is no longer relevant

EUR/USD not only completed the formation of the horizontal range of 1.0800/1.0850, but also managed to strengthen long positions and break the resistance level of 1.0900. As a result, the upward trend extended, but due to the upcoming ECB meeting, a shift in trading interests could occur.

This image is no longer relevant

GBP/USD surged and broke the level of 1.2700. It reached 1.2760, where the volume of long positions partially decreased. Given that the area of 1.2770/1.2800 repeatedly played the role of resistance, a slowdown in the upward trend may occur.

Mark Bom,
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 9: The Pound Remains Unshaken

On Thursday, the GBP/USD currency pair continued trading within the sideways channel, visible in the hourly timeframe. Two central bank meetings — each of which could be considered favorable

Paolo Greco 04:05 2025-05-09 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 9: Everything Eventually Comes to an End

The EUR/USD currency pair exhibited a particularly interesting trend on Thursday. As a reminder, the FOMC meeting results were announced Wednesday evening, and we once again considered them hawkish. It's

Paolo Greco 04:05 2025-05-09 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 8th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3286 level and planned to base market entries from it. Let's look at the 5-minute chart and analyze what happened. A breakout

Miroslaw Bawulski 19:22 2025-05-08 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 8th (Review of Morning Trades)

In my morning forecast, I focused on the 1.1269 level and planned to make market entry decisions from it. Let's take a look at the 5-minute chart and analyze what

Miroslaw Bawulski 19:19 2025-05-08 UTC+2

How to Trade the GBP/USD Pair on May 8? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair showed no notable movements on Wednesday. After Jerome Powell stated the need for more time to assess the full

Paolo Greco 06:05 2025-05-08 UTC+2

How to Trade the EUR/USD Pair on May 8? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair continued to trade within the sideways channel on Wednesday, which is visible on the hourly timeframe

Paolo Greco 06:05 2025-05-08 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 8: The Pound Sees No Reason to Panic

On Wednesday, the GBP/USD currency pair continued trading within a sideways channel, clearly visible on the hourly timeframe. There was virtually no movement throughout the day, and no fundamental

Paolo Greco 04:19 2025-05-08 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 8: All the Excitement Is Behind Us

On Wednesday, the EUR/USD currency pair continued to trade in the same flat range. The 1.1274 and 1.1426 levels bound the broader sideways channel, while the narrower channel ranges between

Paolo Greco 04:18 2025-05-08 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 7th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3335 level and planned to base entry decisions around it. Let's look at the 5-minute chart and see what happened. A breakout

Miroslaw Bawulski 19:39 2025-05-07 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 7th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1379 level and planned to base market entry decisions around it. Let's look at the 5-minute chart to understand what happened. A rise

Miroslaw Bawulski 19:36 2025-05-07 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.