06.10.202311:53 Forex-elemzések és áttekintések: EUR/USD and GBP/USD: Trading plan for beginner traders on October 6, 2023

Details of the Economic Calendar on October 5

Data on jobless claims in the United States were published, where an overall increase of 11,000 was expected. However, the actual data reflected an increase of only 1,000.

Analysis of Trading Charts from October 5

The EUR/USD currency pair strengthened by approximately 100 points during the corrective movement. However, this is not enough to change market participants' trading interest. It is worth noting that since mid-July, the euro has lost about 7% of its value, which is approximately 800 points.

The GBP/USD pair, during the corrective movement from the upper boundary of the psychological level 1.2000/1.2050, has almost reached the value of 1.2200. Despite the scale of the pound's strengthening during the outgoing trading week, it remains oversold, as the downward momentum cycle is about 1,000 points.

Economic Calendar for October 6

Today, we expect the publication of a report from the United States Department of Labor, which is likely to influence the market and speculators.

According to forecasts, the unemployment rate may remain unchanged at 3.8%, but some consider a decline to 3.7%. At the same time, only 145,000 new jobs is expected.

EUR/USD Trading Plan for October 6

If the correction continues to form, movement towards 1.0600-1.0620 is permissible. As for the downward scenario, to consider it, the quote needs to return below the level of 1.0500. In this case, there may be a significant increase in short positions, based on which a local low update may occur.

GBP/USD Trading Plan for October 6

Price stabilization above the value of 1.2200 may lead to further strengthening of the British currency during the correction phase, which could pave the way towards 1.2270.

Regarding the downward scenario, the initial signal may occur if the price returns below the value of 1.2100. In this case, an update of the local low is possible, with the lower psychological level of 1.1950/1.2000 as support.

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.