08.06.202111:21 Forex Analysis & Reviews: Trading recommendations for starters of EUR/USD and GBP/USD on June 8, 2021

Here are the details of the economic calendar from June 7:

The economic calendar was empty on Monday. No important statistics were published for Britain, Europe, and the United States.

Analysis of trading charts from June 7:

The EUR/USD pair managed to show upward activity yesterday, as if prolonging the buying cycle from June 4. An upward turn from a series of impulse candles led market participants to the price level of 1.2200, where another stagnation and price pullback occurred.

The trading recommendation on June 7 considered the possibility of prolonging the growth if the price holds above the level of 1.2185, which could bring a small but still profit in the end.

The GBP/USD pair has been moving in the sideways channel 1.4100/1.4245 for 16 trading days in a row, consistently working out the set borders. At the same time, the recent price fluctuations indicate that market participants pay special attention to the lower part of the channel, where the middle of the channel, represented by the value of 1.4172, serves as a variable level.

The trading recommendation on June 7 considered trading tactics aimed at rebounding the price against the key levels of the side channel 1.4100/1.4172/1.4245 which proved to be the most appropriate trading strategy again.

Trading recommendation for EUR/USD and GBP/USD on June 8, 2021

Today, the third estimate of the Eurozone GDP will be released, where a slowdown is expected in the economic decline from -4.9% to -1.8%, which seems to be a very important event, if not for the fact that the GDP data coincide with the first and second estimates.

In simple words, market participants will not see anything new. In this case, there might be no market reaction to Europe's statistical data.

9:00 Universal time - European GDP

The April data on open vacancies in the JOLTS labor market will be published during the US trading session, the number of which is expected to rise from 8,123 thousand to 8,200 thousand. The growth, although small, is still a positive factor. This may lead to a decrease in the unemployment rate in the country in the future.

Job Openings JOLTS is a survey conducted by the United States Bureau of Labor Statistics that estimates the number of job openings available. In fact, this is one of the indicators of the labor market.

USA 14:00 Universal time - JOLTS Open Jobs

Looking at the EUR/USD trading chart, it can be seen that a harmless pullback from the variable resistance level in the face of the value of 1.2200 led to a complete recovery relative to the upward cycle during the last trading day.

For sellers to strengthen short positions (sell positions) in the market, the quote must hold below the level of 1.2160, which may open the way towards the range of 1.2125-1.2100.

Otherwise, another stagnation will occur above the level of 1.2160.

As for the trading chart of the GBP/USD, it shows that the quote went towards the lower border of the channel during the price rebound from the average level of 1.4172 and worked out most of the upward impulse yesterday.

We can assume that the cyclical nature of fluctuations relative to key levels 1.4100/1.4172/1.4242 will remain in the market, where the method of trading on the rebound will still be relevant among traders.