31.05.202111:30 Forex Analysis & Reviews: Trading recommendations for starters of EUR/USD and GBP/USD on May 31, 2021

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Here are the details of the economic calendar for May 28:

The economic calendar last Friday was almost empty. Statistics were published, but only for individual countries of the Euroblock.

Nevertheless, the lack of important data did not prevent speculators from taking over the market.

Analysis of trading charts from May 28:

Last Friday, the EUR/USD pair showed quite high activity. There was a sharp decline from the level of 1.2200 to 1.2132 at first, but then it returned to its starting position of 1.2200 with a similar pace. This price action is called a V-formation.

The GBP/USD pair has not changed its tradition. The quote still follows within the wide side range of 1.4100/1.4240, from which the price rebounded from the upper border last Friday.

Such a development was expected in the market since there was a decline in the volume of long positions (buy positions).

Trading recommendation for EUR/USD and GBP/USD on May 31, 2021

Today, countries in the Eurozone will continue to release statistical data. We are talking about inflation in Italy and Germany. It is likely that traders will pay attention to individual data, but only in case of a sharp divergence.

At the same time, the United States and the United Kingdom are closed today due to national holidays. This factor can affect trading volume and volatility.

Looking at the EUR/USD trading chart, a quite narrow price fluctuation within the borders of 1.2180/1.2205 can be observed, where the quote has been located for more than 15 hours. The accumulation process in the set range can eventually lead to a local acceleration. Following the existing judgment, it is most logical to apply the trading method based on the breakdown of a particular border.

As for the trading chart of the GBP/USD, it can be seen that the quote is still above the sideways channel 1.4100/1.4240, showing signs of a rebound.

It can be assumed that the natural basis associated with the amplitude fluctuation within the range is still relevant, so traders will continue to consider the rebound method.

There will be fundamental changes in the market if the price is held outside that other border of the side channel, considering the confirmation of a breakdown in the H4 time frame.

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