empty
 
 
07.10.2020 08:49 AM
Brief trading recommendations for EUR/USD and GBP/USD on 10/07/20

This image is no longer relevant

The EUR/USD pair, moving along the correction course from the local low of 1.1612, found a resistance point near the middle level of the side channel 1.1700//1.1810//1.1910, where there was a slowdown and as a result, a price reversal.

The level of 1.1810 has repeatedly played the role of resistance, as well as the support level, where traders could prepare in advance for a stop and a possible rebound.

Another interaction between the price coordinate (1.1810) and market participants occurred yesterday, where it was possible to earn profit on the euro's weakening.

In the previous analytical review, we considered the option of short positions* (sell positions*), where the entrance is below 1.1770, with the prospect of moving to 1.1730-1.1700.

Relative to the current price fluctuation, a slight slowdown is recorded after an active decline, where the quote has already reached the coordinate level of 1.1730. We can assume that the level of 1.1700 will be the center of special attention, since the next movement will be determined depending on the behavior of the market participants. This judgment provides a rebound/breakout trading tactic relative to the level of 1.1700.

- Buying a pair is recommended at a price above 1.1745, with the prospect of moving to the level of 1.1775.

- Selling a pair is recommended at a price below 1.1700, with the prospect of moving to the level of 1.1650.

This image is no longer relevant

On the other hand, the GBP/USD pair, which is in a correction stage from the local low of 1.2674, reached an important price level of 1.3000, where a natural slowdown occurred in the market.

In turn, the price levels that end in three zeros (1.3000, 1.2000, 1.1000), are considered psychological in the market, they are given special attention by traders, which leads to a natural slowdown and a possible rebound from it.

In the previous analytical review, the logical basis of the level of 1.3000 was pointed out, where the price rebound is predicted in the direction of 1.2900, which occurred as a result in the market.

Regarding the current price fluctuation, there was a slowdown in activity within the level of 1.2885, where the quote must consolidate below 1.2865 in order to resume the downward interest, which will lead to the next move in the direction of 1.2820-1.2805.

This image is no longer relevant

Gven Podolsky,
Analytical expert of InstaForex
© 2007-2024
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback