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Details of the economic calendar from May 27
The last trading week ended with an empty macroeconomic calendar. Important statistics for Europe, Britain, and the United States were not released.
Analysis of trading charts from May 27
The EURUSD currency pair, despite the scale of the correction, adheres to an upward movement. During this time, the euro exchange rate has strengthened by more than 400 points, which is considered a strong price change. As a result, there was a signal that the euro was overbought in the short term.
The GBPUSD currency pair approached the lower limit of the resistance area of 1.2670/1.2720 during the corrective movement. The convergence of the price with the reference value led to a local reduction in the volume of short positions. This, in turn, contributed to a pullback followed by stagnation.
Economic calendar for May 30
The trading week starts on a public holiday in the United States, but even without this event, the macroeconomic calendar is empty.
Trading plan for EUR/USD on May 30
The area of resistance 1.0800/1.0850 stands in the way of traders, which can hold back buyers. For this reason, the tactic of working on the rebound is considered as the most optimal strategy. In the future, this may lead to the completion of the correction.
An alternative scenario considers the prolongation of the correction. This signal will be relevant only if the price holds above 1.1850 in the daily period.
Trading plan for GBP/USD on May 30
Despite the stage of stagnation, the correction still prevails in the market. After a short stop, the upward movement may resume, directing the quote at least to the value of 1.2720. Cardinal changes will occur at the moment of holding the price above the value of 1.2750 in the daily period. This step prolongs the corrective course to new price levels.
At the same time, traders are considering the scenario of the completion of the correction, if the area of resistance 1.2670/1.2720 will have the proper impact on buyers. The signal to sell the pound sterling will occur when the price holds below 1.2580 in a four-hour period.
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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