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Monday was traditionally accompanied by an almost empty macroeconomic calendar. The only thing that could be paid attention to was the index of business activity in the UK construction sector, which recorded an increase from 54.6 to 55.5 points in November, with a forecast decline to 52.0 points.
The UK data is not bad, but also not the most important in the market. The pound sterling has locally strengthened in value.
Analysis of trading charts from December 6:
The EUR/USD pair continues to follow around the 1.1300 level despite the speculative behavior of market participants. This indicates a characteristic uncertainty among traders, which can lead to prolonged stagnation.
The GBP/USD pair rebounded from the local low (1.3194) of November 30, which led to a reversal towards the previously passed level of 1.3290.
Today, important statistics are not expected to be published for the UK and the United States. Europe's third estimate of GDP will be published, and it will clearly be ignored since it should completely coincide with the two previous estimates. Therefore, investors will not see anything new, except what has already been considered by the market for a long time.
Trading plan for EUR/USD on December 7:
A typical stagnation in the process of restoring the downward course still takes place in the market, but everything can change if the price is kept below the level of 1.1250. This move may focus sellers on itself, which will lead to a move towards the support area of 1.1160/1.1800.
The pullback may slow down the pace within the level of 1.3290. This will lead to a reduction in the volume of long positions and, as a result, primary stagnation. After that, we can consider another attempt to update this year's local low.
Traders will consider an alternative scenario for the development of the market if the price is kept above the level of 1.3300 in a four-hour period. This may lead to a resumption of the flat in the range of 1.3290/1.3350.
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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