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Here are the details of the economic calendar from June 21:
Yesterday's economic calendar did not have important statistical indicators in Europe, Britain, and the United States, so traders focused on technical analysis.
Analysis of trading charts from June 21:
On Monday, the EUR/USD pair managed to move from the stage of a downward cycle to the stage of a technical correction, eventually restoring the euro rate against the decline last June 18.
This movement in the market was quite expected due to the high oversold level of the Euro currency.
The trading recommendation on June 21 considered the euro's oversold status, but at the same time, we paid attention to the cyclical amplitude of 1.1845/1.1885. As a result, the trading tactics were built on the method of breaking through a particular stagnation border. At the time of the breakdown of the 1.1885, a position was opened to buy the euro.
The GBP/USD pair has a similar cycle of price fluctuations, where traders trade at the stage of a technical correction, returning quotes to the limits of the variable resistance level of 1.1950.
The trading recommendation on June 21 considered both the oversold status of the pound and the amplitude move in the range of 1.3780/1.3830. As a result, a position was opened to buy the pound against the dollar, which brought us a profit on the trading deposit.
Trading recommendation for EUR/USD and GBP/USD on June 22, 2021
In terms of the economic calendar, the only data for today is the sales of the US secondary home market for May, which is expected to decline by 1.0%. This a negative factor for the US economy, but this indicator is not very important, so the data will not have a particularly strong impact on the market.
Looking at the EUR/USD trading chart, the coordinate of 1.1925 is considered to be the resistance, relative to which a pullback occurred. The reduction in the volume of long positions coincides with June 18, but the correction move is still relevant among some traders.
In this situation, the control levels, relative to which price changes will occur, are considered to be the levels of 1.1930, which will open the way towards 1.1950-1.2000 and 1.1880, which will open the way to the variable support point of 1.1850.
As for the trading chart of the GBP/USD, it can be seen that the resistance level represented by the lower border of the psychological area of 1.3950/1.4000/1.4050 puts pressure on buyers, which leads to a pullback. The prolongation of the current correction can only be within the psychological area, but one cannot exclude a subsequent recovery process towards the pivot point of 1.3885 until the 1.3950 coordinate has declined.
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