10.08.202110:55 Forex Analysis & Reviews: Trading plan for starters of EUR/USD and GBP/USD on August 10, 2021

Here are the details of the economic calendar from August 9:

The data on the number of open vacancies in the US JOLTS labor market was published. The previous data was revised in favor of growth – from 9.209 thousand to 9.483 thousand.

Positive data on the US played into the hands of dollar positions.

* The number of open vacancies in the labor market JOLTS is a monthly report on open vacancies in the retail, manufacturing, and office sectors of the United States. This report is prepared by the US Bureau of Labor Statistics based on surveys of employers.

The increase in the number of open vacancies is a positive signal for the labor market and the economy as a whole, if unemployment does not increase this time, then the opposite effect will take place.

Analysis of trading charts from August 9:

The EUR/USD pair continued to decline after a short stagnation in the area of the base (1.1752) on July 21. Euro's weakening since the beginning of August is more than 1%, and the sellers' starting point is the resistance level of 1.1900.

The trading plan has repeatedly indicated the prevailing downward interest, so many traders were focused on selling the euro, which ultimately brought them a lot of profit from operations.

The GBP/USD pair adheres to the downward interest after the breakdown of the lower border of the side channel 1.3900-1.4000. The scale of the weakening of the pound sterling is not so large in relation to July 21-30. Thus, sellers still have a chance to strengthen the downward interest in the market.

The trading plan on August 9 considered a scenario of a downward trend after a minor pullback, which ultimately happened in the market.

* The resistance level is the so-called price level, from which the quote can slow down or stop the upward movement. The principle of constructing this level is to reduce the price stop points on the history of the chart, where the price reversal in the market has already occurred earlier.

August 10 economic calendar:

In terms of the economic calendar, Europe, Britain, and the United States are not expected to release important statistics today.

Trading plan for EUR/USD on August 10:

The sharp decline pushes the quote towards the base of 2021, namely to the level of 1.1704. The base area can be a signal for a reduction in the volume of short positions, which will lead to a stagnation-pullback in the market.

Trading recommendations

Market participants will consider an upward movement if there will be a slowdown in the downward movement, which may pull back the quote towards the range of 1.1750-1.1800.

The downward movement will be relevant if the price is kept below the level of 1.1700.

Trading plan for GBP/USD on August 10:

The downward trend is still relevant. Perhaps, a new round from short positions will appear below the level of 1.3830, which will lead to a movement towards 1.3800-1.3760.

In this situation, traders are considering the restoration of the downward interest relative to the ascending course from July 21-30.

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 individual candle in detail, you will see its characteristics of a relative time period: the opening price, the closing price, the 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.

Golden Rule: It is necessary to figure out what you are dealing with before starting to trade with real money. Learning to trade is so important for a novice trader because the market is constantly dynamics and it is important to understand what is happening on it.