Details of the economic calendar on June 8

The final EU GDP data for the first quarter was released Thursday, confirming that economic growth slowed from 1.8% to 1.0% year-on-year and declined 0.1% for the second straight quarter, signaling the entry into recession, according to Eurostat data.

Analysis of trading charts from June 8

EUR/USD is ending the trading week with a rapid rise, reaching a new local high for June. The exchange rate approached the 1.0800 resistance level, which posed a barrier for buyers.

GBP/USD also demonstrated an intense upward cycle, and reached the 1.2550 resistance level. In this zone, there was a reduction in long positions, resulting in a slowdown in price movement.

Economic calendar for June 9

Today, the economic calendar is empty, and there are no significant statistical data expected for the EU, UK, and U.S. However, during the upcoming workweek, we have two central bank meetings scheduled for the Federal Reserve and the European Central Bank, which will undoubtedly serve as a catalyst for speculative activity in financial markets.

EUR/USD trading plan for June 9

The reduction in long positions on the euro has led to a slowdown in the upward cycle, and the level of 1.0800 has become key in determining trading forces. For the continuation of the upward trend, the exchange rate needs to stay above this level, at least in the four-hour period. Otherwise, there may be a significant deviation in price in the opposite direction.

GBP/USD trading plan for June 9

The fact that the price is approaching the level of 1.2550 indicates a recovery in the value of the British pound after a recent corrective movement. If the price can sustainably stay above this level, there is a possibility of further continuation of the upward trend, potentially leading to a new local high in the medium-term trend. However, if the price fails to hold above the control level, there may be a rebound with subsequent increase in short positions, indicating a downward scenario.

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.