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Here are the details of the economic calendar from November 1:
Monday was traditionally accompanied by an empty macroeconomic calendar. The only thing that could be paid attention to was the index of business activity in the manufacturing sector of the United Kingdom and the United States, but the indicators were already considered in the quote.
Analysis of trading charts from November 1:
The euro managed to partially recover its lost positions after a sharp decline, pulling back the quote above the level of 1.1600. Despite local upward interest caused by the euro's oversold status, traders are still considering short positions. This is due to the recent convergence of the price with the local low of 2021, which signals the superiority of the downward trend in the market.
Unlike the euro, the pound did not go into a pullback stage; instead, there was a slight stagnation, which led to a partial reduction in the volume of short positions. It should be noted that market participants only partially recovered the dollar rate relative to the correction in the period of September 30 to October 20. There are still more than 230 points to go before the support point of 1.3400.
November 2 economic calendar:
Today is not much different from the past, as important statistics are not expected. At the same time, a two-day meeting of the Federal Open Market Operations Committee (FOMC) starts today. The results will be known on Wednesday evening, so the market may well slow down activity, accumulating trading forces.
Trading plan for EUR/USD on November 2:
The market may stagnate due to the start of the two-day FOMC meeting, which will lead to the accumulation of trading forces with subsequent acceleration. Traders consider the levels of 1.1585/1.1625 as the borders of stagnation.
Trading plan for GBP/USD on November 2:
The slowdown in activity may be reflected in the pound, given that the quote has almost reached the next pivot point in the face of the level of 1.3600. The slowdown may be expressed in a slight pullback or stagnation.
The subsequent signal to sell the pound sterling will arrive when the price is kept below the level of 1.3600 on 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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