Details of the economic calendar for June 8

After two days of an empty macroeconomic calendar, we have the publication of the third estimate of Eurozone GDP. Based on the forecasts, it was expected that it would coincide with the two previous estimates of 5.1%, but as a result, an acceleration of up to 5.4% was recorded. Divergence of expectations and optimistic indicators could not stimulate the euro. Perhaps investors do not believe in the prospects for the EU economy.

Analysis of trading charts from June 8

The EURUSD currency pair formed a side channel of 1.0636/1.0800 during the two-week stagnation. The sequential amplitude indicates the process of accumulation of trading forces, which will eventually lead to acceleration in the market at the time of the breakdown of the flat.

Since the beginning of June, the GBPUSD currency pair has formed a sideways channel in the range of 1.2450/1.2500. In fact, we have a similar picture as with the European currency, where the current flat has led to the process of accumulation of trading forces.

Economic calendar for June 9

The main event of the week is the meeting of the European Central Bank Governing Council. The regulator will provide updates on the prospects for monetary policy in the EU. Based on the many comments from the members of the ECB board, many expect the regulator to raise the interest rate for the first time in a long time.

These expectations, once confirmed, will stimulate the euro to rise in the coming weeks.

At the same time as the press conference, data on claims for unemployment benefits in the United States will be published, where they predict an increase in volume. This is a negative factor for the US labor market.

Statistics details:

The volume of continuing claims for benefits may be reduced from 1.309 million to 1.305 million.

The volume of initial claims for benefits may increase from 200,000 to 210,000.

Time targeting

Results of the ECB meeting - 11:45 UTC

ECB press conference - 12:30 UTC

US Jobless Claims - 12:30 UTC

Trading plan for EUR/USD on June 9

The movement within the side channel is still relevant in the market, thus, market participants are considering the tactics of working on a rebound. The main strategy is considered to be a breakdown of one or another flat border, which will indicate one of the possible scenarios: the prolongation of the corrective move or the gradual resumption of the downward trend.

Trading plan for GBP/USD on June 9

A consistent price rebound from the given boundaries will end sooner or later. This will lead to local acceleration towards breakdown. Trading recommendations remain the same. Buy positions on the currency pair are taken into account after holding the price above the value of 1.2600 in a four-hour period with the prospect of a move to 1.2660–1.2720. Sell positions should be considered after holding the price below 1.2450 in a four-hour period with the prospect of a move to 1.2350–1.2300.

What is reflected 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.