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Here's the details of the economic calendar for May 10:
The trading week began with an empty economic calendar, but judging by the activity in the market, traders continued to recover the negative statistics on the US labor market from May 7.
After the US Department of Labor report, there was growth in the unemployment rate from 6.0% to 6.1%, with the forecasted decline to 5.8%. At the same time, the change in the number of people employed in the non-agricultural sector in April increased only by 266 thousand, against the expected growth to 978 thousand. Such a sharp divergence in forecasts provoked a wave of sales of the US dollar.
Analysis of trading charts from May 10:
The EUR/USD pair significantly decreased activity during the last trading day after an intense upward movement last May 7. The variable limits of the amplitude are the levels of 1.2125/1.2180, relative to which the oscillation occurs.
In turn, the British currency continued to show upward interest yesterday, which led to the prolongation of the inertial course towards the coordinate 1.4157. In two trading days, the scale of the pound's strengthening is more than 260 points, which automatically assigns the overbought status.
Trading recommendations of EUR/USD and GBP/USD on May 11, 2021
Today, only open vacancies in the JOLTS labor market for March will be released, where an increase in their number from 7,367 thousand to 7,500 thousand is expected.
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 shows that the quote has been around the range of 1.2125/1.2180 for more than a day, which signals the highest status of the concentration of trading forces relative to one place.
To simply put it, we have an accumulation process, where traders will work on the principle of breaking through a particular range border, revealing the outgoing impulse as a result.
As for the GBP/USD trading chart, a stagnation in the borders of 1.4105/1.4157 can be observed, where there was a compression of the existing amplitude relative to the Asian trading session.
Such a narrow amplitude fluctuation in combination with a high status of speculative operations leads to a cumulative process, which is highly likely to lead to an early acceleration in the market.
In this situation, the best trading tactic is considered to be the method of breaking through a particular stagnation border.
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