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07.11.202311:26 Forex Analysis & Reviews: EUR/USD and GBP/USD: Trading plan for beginner traders on November 7, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Details of the Economic Calendar on November 6

On Monday, the final data on the Eurozone Services Business Activity Index were published, along with the Composite Business Activity Index, which both completely matched the preliminary estimates.

Analysis of Trading Charts from November 6

The EUR/USD currency pair reduced the volume of long positions around the 1.0750 level. As a result, the upward momentum was interrupted, and a pullback emerged in its place.

A similar technical picture can be observed for the GBP/USD currency pair. The upward cycle was interrupted around the 1.2400 level, where the volume of long positions decreased. As a result, a pullback occurred, pushing the quote below the 1.2350 mark.

Exchange Rates 07.11.2023 analysis

Economic Calendar for November 7

Today, data on producer prices in the Eurozone is expected to be published, and the rate of decline may accelerate from -11.5% to -12.6%. In light of this data, it can be assumed that inflation will continue to decline, further increasing the likelihood of ECB interest rate cuts.

EUR/USD Trading Plan for November 7

If the pullback continues to form, a further weakening of the euro towards 1.0650–1.0620 is possible. As for the bullish scenario, for its consideration, the quote needs to stabilize above the 1.0750 mark.

Exchange Rates 07.11.2023 analysis

GBP/USD Trading Plan for November 7

In the case of further pullback formation, a decline in the quote to the 1.2270 level is possible. As for the bullish scenario, it will be considered by traders if the price returns above the 1.2400 level.

Exchange Rates 07.11.2023 analysis

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.

Gven Podolsky
Analytical expert of InstaForex
© 2007-2024

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