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The US dollar was under strong pressure from sellers last trading week. Almost all currency pairs in relation to the US currency showed a characteristic movement in the opposite direction. This was due to the US presidential election, where Joe Biden won enough votes to confirm his position in the White House.
Investors are wary of Biden's candidacy, which is reflected in the market sell-off of the US dollar.
Regarding last Friday's trading recommendations, another profit was recorded. There was a sideways movement in the range of 1.1795/1.1860 for the EUR/USD pair, where the method of breaking a particular border is considered to be the most optimal tactic. As a result, the level of 1.1860 was overcome, which led to the opening of buy positions. The quote then rushed to the predicted coordinate of 1.1880, which reflected the local high from October 21.
The situation was almost the same for the GBP/USD pair. There was a prolonged fluctuation in the range of 1.3100/1.3155 at first, followed by impulse surges, which led to the opening of buy positions.
The new trading week began with an empty economic calendar – no major statistics are expected from Europe, the UK and the US today. On the other hand, the US election result may continue to put pressure on the market, depending on the upcoming information.
In terms of trading recommendations for November 9, possible scenarios for market development will be considered:
For the EUR/USD pair, the pattern of the next range is observed, where the current coordinates 1.1880/1.1900 serve as the boundaries. The trading has a simple method - entering will be implemented depending on the point of price consolidation in relation to the set limits.
- Buying a pair is recommended at a price above the level of 1.1900, with the prospect of moving to 1.1925-1.1950.
- Selling a pair is recommended at a price below the level of 1.1880, with the prospect of moving to 1.1830-1.1800.
Meanwhile, for the GBP/USD pair, the set upward pace is still maintained in the market. If the quote manages to consolidate above the level of 1.3200, then a subsequent movement towards the levels of 1.3250-1.3300 is not excluded.
An alternative scenario will be considered if the price will not be able to consolidation above the level of 1.3200, and the quote will go below 1.3175, which may indicate a decline towards the level of 1.3100.
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