empty
 
 
18.12.2023 09:40 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on December 18, 2023

Details of the Economic Calendar on December 15

Preliminary assessment of business activity indices in the Eurozone significantly fell short of forecasts, showing a decline. The manufacturing sector's business activity index remained at the same level instead of the expected increase from 44.2 to 44.4. The services sector also decreased from 48.7 to 48.1, despite a forecast of 49.3. The composite business activity index, anticipated to rise from 47.6 to 48.0, fell to 47. These weak results led to an immediate weakening of the European currency.

Interestingly, this sentiment continued after the opening of the American trading session despite somewhat better data from the United States. The manufacturing sector's business activity index dropped from 49.4 to 48.2, slightly worse than the forecast of 49.2. However, the services sector's business activity index increased from 50.8 to 51.3, reversing the situation. The composite business activity index also rose from 50.7 to 51.0, against the expected decrease to 50.5. Industrial production showed a slowdown in the pace of decline from -1.0% to -0.4%, slightly worse than the forecast of -0.3%.

This image is no longer relevant

Analysis of Trading Charts from December 15

The euro reduced the volume of long positions near the resistance level of 1.1000, leading to a pullback, and the quote returned to the 1.0900 mark.

The British pound, in turn, entered a pullback stage due to a technical overbought signal. The area around the value of 1.2800 acted as resistance on the buyers' path.

Economic Calendar for December 18

As usual, Monday is accompanied by an empty macroeconomic calendar, and there are no publications of important statistical data in the European Union, the United Kingdom, and the United States.

EUR/USD Trading Plan for December 18

Stabilization of the price above the level of 1.0900 in the perspective may indicate an increase in the volume of long positions. In this case, a recovery of the upward trend towards 1.1000 is possible. However, if the price remains below the value of 1.0900 during the day, this may lead to further declines, canceling the recent rise.

This image is no longer relevant

GBP/USD Trading Plan for December 18

Despite the current pullback stage, there is still an upward dynamic in the market. Therefore, price stabilization above the level of 1.2700 may trigger the resumption of long positions, leading to the update of the local high. Regarding the current pullback, prolonged holding of the price below 1.2650 may lead to subsequent depreciation of the British pound towards 1.2600.

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.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $5000 más!
    ¡En Noviembre, sorteamos $5000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback