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Here are the details of the economic calendar from August 10:
The last trading day was empty in terms of statistics from Europe, the United Kingdom, and the United States.
Analysis of trading charts from August 10:
The EUR/USD pair retains a downward interest in the market, which led the quote to the base area of 2021 – 1.1704. The pressure from the control level (1.1704) leads to a reduction in the volume of short positions.
Thus, traders are afraid of repeating the natural basis of the past associated with this level, which can lead to a price rebound.
The trading plan on August 10 considered the reduction of sell positions, which was being worked out since August started.
Like its European counterpart, the GBP/USD pair adheres to the downward movement, which led to the decline of the quote below the level of 1.3825.
The price's downward development became relevant after the market participants reached the resistance area of 1.4000, where stagnation occurred with a subsequent price reversal.
The trading plan on August 10 considered the scenario of a further decline in the direction of 1.3800-1.3760.
* Psychological levels are round values (1,2000,1,3000, 1,4000,1,5000, etc.), key coordinates that traders pay special attention to. These levels are often used as support or resistance.
* The resistance level is the price level from which the quote can slow down or stop the upward movement. The principle of constructing this level is to reduce the price stop points on the history of the chart, where the price reversal in the market has already occurred earlier.
Short positions or Short means sell positions.
August 11 economic calendar:
Today, the US inflation data will be released. The consumer price index is expected to decline from 5.4% to 5.3%. But at the same time, there is a forecast that inflation will remain at the level of 5.4%.
Taking into account expectations, dollar positions look quite good in the market.
* The consumer price index is prepared by the US Bureau of Labor Statistics, which determines the change in prices of the selected basket of goods and services for a given period. This indicator is considered a key indicator for assessing inflation. From the point of view of fundamental analysis, an increase in inflation is a positive signal for the national currency, but when consumer prices rise faster than forecasts, this is not the best signal on the market.
Trading plan for EUR/USD on August 11:
Market participants are testing the strength of this year's base, but they are extremely cautious about selling positions. Traders will consider the next decline after the price is kept below the level of 1.1680, which may open the way towards 1.1620.
The scenario of a price rebound from the area of 1.1704 will become relevant if the quote is kept above the level of 1.1745.
Trading plan for GBP/USD on August 11:
The downward trend is still relevant, but if one hasn't worked with sell positions before, then it is logical to wait for the price to be kept below the level of 1.3800.
It is worth noting that there is currently a stagnation, so local buy positions may be opened if the price is kept above the level of 1.3845, opening the path towards 1.3865.
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 individual candle in detail, you will see its characteristics of a relative time period: the opening price, the closing price, the 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.
Golden Rule: It is necessary to figure out what you are dealing with before starting to trade with real money. Learning to trade is so important for a novice trader because the market is constantly dynamics and it is important to understand what is happening on it.
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