20.10.202311:05 Forex Analysis & Reviews: EUR/USD and GBP/USD: Trading plan for beginner traders on October 20, 2023

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Details of the Economic Calendar on October 19

Data on jobless claims in the United States were released Thursday, showing an increase in their total volume by 16,000.

Analysis of Trading Charts from October 19

The EUR/USD currency pair again reduced the volume of long positions when it reached the resistance level around 1.0600/1.0620. This led to a price pullback and a partial recovery of the dollar positions after the recent decline.

GBP/USD temporarily rose above the 1.2150 level; however, this movement was driven by local selling of dollar positions in the market. There were no significant changes, and the trend still remains bearish.

Economic Calendar for October 20

With the opening of the European trading session, retail sales data in the United Kingdom were published. Sales volume fell by 0.9% on a monthly basis and by 1% compared to the previous year. This negative indicator exerts pressure on the economy and the national currency.

EUR/USD Trading Plan for October 20

For a subsequent increase in the volume of long positions, price stabilization above the resistance area at 1.0600/1.0620 is necessary. Otherwise, the ongoing price rebound may lead to the strengthening of dollar positions towards the 1.0500 level.

GBP/USD Trading Plan for October 20

In the case of further price decline, movement towards the upper range of the psychological level at 1.2000/1.2050 is possible. This scenario could indicate the extension of the medium-term trend in the long run.

What's on the charts

The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.

Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.

Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.

The up/down arrows are landmarks of the possible price direction in the future.

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