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Here are the details of the economic calendar for November 8, 2021:
Monday was traditionally accompanied by an absolutely empty macroeconomic calendar. Therefore, traders were focused on technical analysis.
Analysis of trading charts from November 8:
The EUR/USD pair continued its corrective movement after a short stagnation. As a result, the upper border of the sideways range 1.1550/1.1570 was broken, where the quote rushed towards the level of 1.1600.
In the previous analytical review, the trading method of a breakdown of one or another border of the range was considered. This method turned out to be the most suitable, which enabled traders to enter buy positions at the best moment in the market.
The GBP/USD pair accelerated the correctional course when the price was kept above the signal level of 1.3515. This led to the subsequent growth towards 1.3578.
Buy positions were considered above the level of 1.3515, which brought us a profit of more than 50 points ($50 with a transaction volume of 1 Installot).
November 9 economic calendar:
Today, it is worth paying attention to the producer price index in the United States. According to experts' expectations, it should grow from 8.6% to 8.7%. Given the fact that producer prices are largely a leading indicator for inflation, their growth means a further increase in consumer prices already. In many ways, this is a negative factor especially in conditions of already extremely high inflation. And this fact is likely to lead to a weakening of the US dollar position due to investors' concerns.
Trading plan for EUR/USD on November 9:
The euro rate reached the resistance area of 1.1600/1.1615 during the correction. Traders are considering reducing the volume of long positions, which may lead to a slowdown in the upward course followed by a pullback. If expectations coincide, the value of the euro may decline towards the level of 1.1585.
Trading plan for GBP/USD on November 9:
It is assumed that market participants are aiming for a resistance level of 1.3600. In this area, interest in selling positions of the pound sterling may increase. This will lead to the quote's pullback.
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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
