empty
23.09.2024 10:20 AM
Learning and Analysis: Trading Plan for Novice Traders EUR/USD and GBP/USD on 23.09.24

Details from the Economic Calendar on September 20

On Friday, the data on retail sales in the UK were published, showing a 1% increase in August. The actual figure significantly exceeded the forecasts of analytical agencies.

Analysis of Trading Charts from September 20

  • EUR/USD Currency Pair

The movement around the local high of the mid-term trend indicates a prevailing bullish sentiment among market participants.

  • GBP/USD Currency Pair

The close of the past trading week above the 1.3300 level indicates a prevailing bullish sentiment among market participants, which has already led to an update of the mid-term high.

This image is no longer relevant

Economic Calendar for September 23

The preliminary estimates of business activity indices are expected to be released today. In the Eurozone and the UK, no significant changes are anticipated for the main indicators, while in the United States, a noticeable decline is projected. Specifically, the composite business activity index in the US is expected to decrease from 54.6 points to 53.0 points.

Trading Plan – EUR/USD

Considering the potential for further selling of dollar positions in financial markets, the euro's upward momentum could lead the price to reach at least the resistance level of 1.1200/1.1280. For more significant price changes, it will be necessary to stabilize above these levels, which would indicate an update of the mid-term high. Until then, the resistance area will continue to exert pressure on buyers.

This image is no longer relevant

Trading Plan – GBP/USD

The price has stabilized above the 1.3300 level, which indicates the potential for further growth of the British pound. A gradual movement toward the 1.3600 level is possible if the upward cycle remains uninterrupted. However, if the price drops below 1.3300, a temporary stagnation or pullback may occur.

This image is no longer relevant

What Is Reflected on the Trading Charts?

  • Candlestick Chart: This consists of rectangular white and black bars with lines at the top and bottom. By analyzing each candle in detail, you can observe its characteristics relative to a specific time period: opening price, closing price, highest price, and lowest price.
  • Horizontal Levels: These represent price coordinates where the market might experience a pause or reversal. In trading, these levels are commonly referred to as support and resistance.
  • Circles and Rectangles: These highlight examples where the price reversed in the past. The color highlights indicate horizontal lines that may exert pressure on the price in the future.
  • Up/Down Arrows: These serve as indicators of potential future price direction.
Gven Podolsky,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Plan for the U.S. Session on April 21st (Analysis of Morning Trades)

In my morning forecast, I highlighted the 1.3380 level and planned to make entry decisions based on it. Let's look at the 5-minute chart and analyze what happened. A decline

Miroslaw Bawulski 19:24 2025-04-21 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 21st (Analysis of the Morning Trades)

In my morning forecast, I highlighted the level of 1.1526 and planned to make entry decisions based on it. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 19:19 2025-04-21 UTC+2

How to Trade the GBP/USD Pair on April 21? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD On Friday, the GBP/USD pair showed extremely low volatility, yet the British pound steadily crept upward even with such market conditions

Paolo Greco 05:36 2025-04-21 UTC+2

How to Trade the EUR/USD Pair on April 21? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD The EUR/USD currency pair showed no movement on Friday. It was Good Friday, and Easter Sunday followed. As a result, many countries

Paolo Greco 05:36 2025-04-21 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 21: The Pound Rises Even on Holidays

The GBP/USD currency pair traded higher again on Friday, albeit with minimal volatility. Despite the lack of important events in the U.S. or the U.K. that day (unlike earlier

Paolo Greco 04:01 2025-04-21 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 21: Easter and Flat Market

On Friday, the EUR/USD currency pair essentially remained flat. By the end of the day, the euro had gained around 20 pips, but overall volatility was practically zero

Paolo Greco 04:01 2025-04-21 UTC+2

How to Trade the GBP/USD Pair on April 18? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD The GBP/USD pair continued to trade higher throughout Thursday. Even at its peak levels, the British pound shows no intention of correcting

Paolo Greco 06:51 2025-04-18 UTC+2

How to Trade the EUR/USD Pair on April 18? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair continued trading within a sideways channel on Thursday, as shown on the hourly timeframe chart above. The current

Paolo Greco 06:51 2025-04-18 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 18: The British Pound Is Losing Steam

The GBP/USD currency pair continued its upward movement on Thursday, trading near multi-year highs. Despite the lack of significant events in the U.S. or the U.K. (unlike Wednesday), the market

Paolo Greco 03:48 2025-04-18 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 18: The ECB Failed to Move the Market

The EUR/USD currency pair continued to trade sideways on Thursday. While previously it had been moving within a range between 1.1274 and 1.1391, on Thursday, it was stuck

Paolo Greco 03:48 2025-04-18 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.