empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

09.02.202210:10 Forex Analysis & Reviews: Trading plan for starters of EUR/USD and GBP/USD on February 9, 2022

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.

Here are the details of the economic calendar for February 8:

The macroeconomic calendar yesterday was empty, so traders focused on technical analysis.

Analysis of trading charts from February 8:

The EUR/USD pair has been stagnating at the peak of the upward cycle for the fourth day in a row. This movement led to a price amplitude in the range of 1.1400/1.1480.

It should be considered that the picture looks different on the daily chart. The upward cycle mentioned above is only a correction in a medium-term downward trend. Therefore, it is impossible to fully discuss the change in trading interests from a downward trend to an upward one.

During the price rebound from the resistance level of 1.3600, the GBP/USD pair returned to the level of 1.3500 where a slight stagnation arose. Judging the price's action, it can be said that the upward cycle from the level of 1.3355 remains in the market, in the structure of which there was a regrouping of trading forces.

Exchange Rates 09.02.2022 analysis

February 9 economic calendar:

The macroeconomic calendar is empty for three consecutive days, but everything will fall into place tomorrow when US inflation data is released. At this time, traders are still focused on the technical picture, but everything will change soon.

Trading plan for EUR/USD on Feb 9:

The quote is still moving in the range of 1.1400/1.1480. It can be assumed that such a long-term price movement in a closed amplitude will lead to accumulation and regular acceleration when the price is kept outside one or another border of the established range. Therefore, the strategy of trading on the breakdown of a particular flat border in a four-hour period is considered the most appropriate tactic.

We express the above-mentioned into trading signals:

Buy positions should be considered after holding the price above the level of 1.1485 with the prospect of moving to 1.1580.

Sell positions should be considered after holding the price below the level of 1.1400 with the prospect of moving to 1.1350-1.1300.

Exchange Rates 09.02.2022 analysis

Trading plan for GBP/USD on Feb 9:

There is still low activity in the market, which may be a signal of the accumulation of trading forces. As a result, traders will trade according to the method of downward impulse relative to the control values. As a result, there will be a signal about the possible direction of the market.

We express the above-mentioned into trading signals:

Buy positions should be considered after holding the price above the level of 1.3630 with the prospect of moving to 1.3740.

Sell positions should be considered after holding the price below the level of 1.3480 with the prospect of moving to 1.3400.

Exchange Rates 09.02.2022 analysis

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.

Gven Podolsky
Analytical expert of InstaForex
© 2007-2024

Open trading account

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off