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Details of the economic calendar from May 11
Inflation in the United States slowed for the first time since August 2021. The April consumer price index was 8.3%, falling from a record high of 8.5%. The trend is positive, but an even stronger decline in inflation was predicted. As a result, the market reacted with a further strengthening of the dollar positions, as the Fed's rhetoric is unlikely to change with the current inflation rate.
Analysis of trading charts from May 11
Despite the local surge in activity, the EURUSD pair remained within the 1.0500/1.0600 side channel yesterday. Such a long stay of the price in a closed amplitude led to abundant attention from speculators.
The GBPUSD currency pair resumed its downward movement after a short stagnation. This led to a breakdown of the support level of 1.2550, which resulted in the prolongation of the medium-term downward trend.
Economic calendar for May 12
UK GDP data for the first quarter slightly upset investors, despite the fact that the economic growth rate rose from 6.6% to 8.7%. The reason for the indignation is the divergence of expectations – they predicted GDP growth at 9.0%.
At the same time, industrial production in the UK grew less than expected, which also became a catalyst for the negative on the pound sterling.
During the US trading session, weekly data on jobless claims will be published, which are predicted to slightly reduce in volume.
Statistics details:
The volume of continuing claims for benefits may be reduced from 1.384 million to 1.380 million.
The volume of initial claims for benefits may be reduced from 200,000 to 195,000.
Time targeting
US Jobless Claims - 12:30 UTC
Trading plan for EUR/USD on May 12
With the opening of the European session, there was a breakdown of the lower border of the side channel. This move led to a sharp increase in the volume of short positions, which prolonged the medium-term downward trend. A stable holding of the price below 1.0470 will lead to the subsequent weakening of the euro towards the 2016 bottom.
Trading plan for GBP/USD on May 12
A stable holding of the price below 1.2200 in the future will bring the quote to the main support point in the form of a psychological level of 1.2000.
What is reflected in the trading charts?
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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