empty
23.08.2024 10:21 AM
Learning and Analyzing: Trading Plan for Beginners EUR/USD and GBP/USD 23.08.24
Details from the Economic Calendar for August 22

Data on business activity indexes in the Eurozone, the UK, and the United States were published on Thursday. Nearly all indexes showed growth, but market attention was drawn to other events. The focus shifted to the news flow related to the beginning of the annual economic symposium in Jackson Hole, which traditionally influences monetary policy direction for the coming year. This year's central theme is "Reassessing the Effectiveness and Transmission of Monetary Policy."

This image is no longer relevant

Analysis of Trading Charts for August 22

The EUR/USD pair experienced a slight pullback after breaking the local peak from December 2023. However, this movement does not disrupt the general upward trend.

The GBP/USD pair also underwent a correction, but the extent was so minor that the price has almost fully recovered the volume of long positions.

The economic calendar for August 23 includes data on the US construction sector. However, the market's primary focus will be the Federal Reserve head's speech at the annual Jackson Hole symposium. Fed Chair Jerome Powell is expected to provide specific guidance regarding the central bank's upcoming actions, making this information critically important for traders.

This image is no longer relevant

Trading Plan – EUR/USD:

In the context of the current regrouping of trading forces after the correction, there are prospects for an increase in the volume of long positions in the euro. The quotes might aim for the peak of the current uptrend around 1.1280. In an alternative scenario, if the pullback continues, a return to the level of 1.1000 is possible.

Trading Plan – GBP/USD:

The British pound's uptrend will strengthen if the quote remains above 1.3150, which could lead to further appreciation. However, if this condition is not met, the risk of a correction to the 1.3000 level remains.

This image is no longer relevant

What is reflected on the trading charts?

Candlestick Chart: This chart type displays graphic rectangles in white and black with lines at the top and bottom. A detailed analysis of each candlestick reveals its characteristics relative to a specific period: opening price, closing price, highest price, and lowest price.

Horizontal Levels: These are price coordinates where the price might experience a halt or reversal. In the market, these levels are referred to as support and resistance.

Circles and Rectangles: These are highlighted examples where the price reversed in the past. The color highlighting indicates horizontal lines that may exert pressure on the quote in the future.

Up/Down Arrows: These are indicators of the potential future direction of the price.

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: Trading Plan for the U.S. Session on April 25th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3310 level and planned to make trading decisions from there. Let's look at the 5-minute chart and see what happened. A rise

Miroslaw Bawulski 19:05 2025-04-25 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 25th (Review of Morning Trades)

In my morning forecast, I focused on the 1.1391 level and planned to make entry decisions around it. Let's take a look at the 5-minute chart and assess what happened

Miroslaw Bawulski 19:00 2025-04-25 UTC+2

How to Trade the GBP/USD Pair on April 25? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD The GBP/USD pair continued to trade upward on Thursday despite the absence of any objective reasons for such movement. There were

Paolo Greco 07:06 2025-04-25 UTC+2

How to Trade the EUR/USD Pair on April 25? Simple Tips and Trade Analysis for Beginners

On Thursday, the EUR/USD currency pair traded with a slight upward bias, although it would have been more logical to see a decline in the second half

Paolo Greco 07:06 2025-04-25 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 25: The Pound Isn't Backing Down

On Thursday, the GBP/USD currency pair continued to trade in the "euro style." The intraday movements were relatively weak, and the technical picture suggests the trend might shift downward

Paolo Greco 03:48 2025-04-25 UTC+2

Trading Recommendations and Analysis for EUR/USD April 25: The Market Awaits New Announcements from Trump

The EUR/USD currency pair traded much more calmly on Thursday than during the first half of the week, and the market was also relatively more technical. Since the beginning

Paolo Greco 03:48 2025-04-25 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 24th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3293 level and planned to use it as a reference for entering the market. Let's look at the 5-minute chart and analyze what

Miroslaw Bawulski 20:01 2025-04-24 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 24th (Review of the Morning Trades)

In my morning forecast, I focused on the 1.1358 level and planned to make trading decisions based on it. Let's take a look at the 5-minute chart to understand what

Miroslaw Bawulski 19:58 2025-04-24 UTC+2

How to Trade the GBP/USD Pair on April 24? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair closely followed the movements of the EUR/USD pair, further confirming that the current situation hinges

Paolo Greco 05:50 2025-04-24 UTC+2

How to Trade the EUR/USD Pair on April 24? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair traded in a mixed manner. During the day, the price changed direction several times, and macroeconomic

Paolo Greco 05:50 2025-04-24 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.