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

13.10.202311:20 Forex Analysis & Reviews: EUR/USD and GBP/USD: Trading plan for beginner traders on October 13, 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 October 12

Inflation in the USA remained at 3.7% in September, which is higher than the consensus forecast of 3.6%. Recall that the Federal Reserve closely monitors data on the pace of consumer price growth in the country, which is one of the important factors in making decisions regarding monetary policy. The central bank's target inflation rate is 2%.

Analysis of Trading Charts from October 12

During the corrective movement, the EUR/USD currency pair temporarily surpassed the resistance zone of 1.0600/1.0620. However, after the release of inflation data in the U.S. everything changed significantly. The volume of dollar positions started to rise, leading to speculative price movement below the 1.0550 level.

The GBP/USD currency pair almost reached the resistance level of 1.2350 during the corrective movement, where the volume of long positions decreased. As a result, the upward cycle was interrupted, and based on market frenzy in dollar positions, there was an inertial move towards the 1.2150 level.

Exchange Rates 13.10.2023 analysis

Economic Calendar for October 13

Today, the publication of data on industrial production in the EU is expected, and the pace of decline may accelerate from -2.2% to -3.2%. In the case of confirmation of the decline, the euro will continue to be under pressure from sellers.

EUR/USD Trading Plan for October 13

From a technical analysis perspective, the current movement is classified as inertial, which allows for the disregard of overbought signals for the euro in the short-term timeframes. In this case, there may be a subsequent price movement towards the local low of the downward trend.

Exchange Rates 13.10.2023 analysis

GBP/USD Trading Plan for October 13

In the event of price stabilization below the 1.2150 level, a further downward phase may occur towards the upper region of the psychological level of 1.2000/1.2150. As for the upward scenario, it will be considered by traders in case the price remains above the control level.

Exchange Rates 13.10.2023 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

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