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The first day of the week was traditionally accompanied by an empty macroeconomic calendar. As a result, there was low activity in the market and traders focused on technical analysis.
Analysis of trading charts from December 20:
The EUR/USD pair continues to move in the range of 1.1225/1.1355 despite periodic speculations, consistently working out the set borders. The price's sufficiently long stay in a closed amplitude led to a slowdown in the downward trend, but not to its end. Most likely, it can be argued that the flat will eventually lead to the accumulation of trading forces, which will cause new price increases.
After a series of speculative surges, the GBP/USD pair returned to the base of the downward trend, namely at 1.3170, where a reduction in the volume of short positions occurred due to the natural basis of the past. This led to a slowdown in the downward cycle and stagnation – a pullback relative to the pivot point.
December 21 economic calendar:
Today's calendar is not much different from the previous day. Important statistics from Europe, Britain, and the United States are not published. It can be recalled that the current week is a pre-holiday, so important events should not be expected.
Trading plan for EUR/USD on December 21:
In the current situation, traders trade based on two strategies:
The first strategy considers the method of rebounding from the set borders of the flat. This strategy is considered short-term.
The second one is based on the method of breaking through one or another border of the established range, which may indicate the next price movement in the long term.
Trading plan for GBP/USD on December 21:
The support area is still putting pressure on sellers, which may lead to a technical pullback. This step allows for the subsequent formation of a side channel within the borders of 1.3170/1.3290.
A signal to prolong the downward trend will emerge from the market when the price is kept below the level of 1.3160 in the daily period.
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.
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