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03.08.2021 10:54 AM
EUR/USD and GBP/USD: Trading plan for novice traders for August 3, 2021

Details of the economic calendar for August 2

On Monday, August 2, the manufacturing PMI data in Europe, Britain, and the United States were published.

Details of statistics:

08:00 UTC - Manufacturing PMI (Europe): Prev. 63.4 points. Forecast 62.6 points. Fact. 62.8 points.

Even before the news was released, the euro entered a strengthening phase.

08:30 UTC - Manufacturing PMI (UK): Prev. 63.4 points. Forecast 60.4 points. Fact. 60.4 points.

After the release of the data, the pound sterling entered a phase of weakening.

14:00 UTC - Manufacturing PMI (US): Prev. 60.6 points. Forecast 60.9 points. Fact. 59.4 points.

There was no market reaction.

We study and analyze

• Manufacturing PMI is an indicator of changes in business conditions in the manufacturing sector during the reporting month. The index is calculated based on monthly surveys of supply managers working in private companies in the manufacturing sector.

Analysis of trading charts from August 2

The Euro/Dollar currency pair failed to show proper activity during the last trading day, the movement was reduced to the boundaries of the 1.1850/1.1900 pullback previously established on the market.

In simple terms, we have stagnation after a pullback from the resistance level of 1.1900.

The trading plan of August 2 considered scenarios of a movement coming from the 1.1850/1.1900 borders, but due to low activity, the quote remained within the range.

After the price rebound from the resistance level of 1.4000, the Pound/Dollar currency pair entered a correction stage, where it managed to fall below 1.3900.

In this situation, market participants supported sell positions due to the very strong growth from July 21 to July 30, which led to an overbought British currency.

The trading plan of August 2 considered a further weakening of the pound sterling if the price was kept below 1.3880.

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Economic calendar for August 3

Today, in terms of the economic calendar, the producer price index in Europe for June will be published, where it is predicted to grow from 9.6% to 10.3% in annual terms.

We study and analyze

Producer price index is the change in the price of goods produced within the European Union and sold on the domestic market in the reporting month compared to the same month of the previous year.

The data is prepared by the statistical office of the European Union (Eurostat), which collects monthly indicators from all countries in the eurozone by surveying a sample of several thousand manufacturing enterprises.

Trading plan - EURO/DOLLAR (August 3)

Analyzing the current Euro/Dollar trading chart, you can see that price fluctuations in the 1.1850/1.1900 range are still relevant in the market, so the strategy will be focused on the outgoing momentum relative to a particular border.

In simple terms, the outgoing momentum will indicate the next path in the market.

The trading plan considers two possible scenarios.

The first is focused on the subsequent downward movement, where holding the price below 1.1850 will open the way in the direction of 1.1800.

The second scenario considers the prolongation of the corrective move, but in this case, the quote must hold above 1.1900, which will open the way towards the psychological level of 1.2000.

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Trading Plan - POUND/DOLLAR (August 3)

Analyzing the current Pound/Dollar trading chart, you can see that the downward cycle from the psychological level of 1.4000 is still relevant in the market, but in order for sellers to be able to keep the given move, the quote must be kept below 1.3900. In this case, movement in the direction of 1.3800 may occur.

The trading plan considers two possible scenarios.

The first is focused on the subsequent downward movement, where holding the price below 1.3900 for a long period will lead to further weakening of the English currency in the direction of 1.3800.

The second scenario will be considered by traders in the event of a price rebound from the level of 1.3900, but the main intentions of buyers will appear after the price holds above the 1.4000 coordinate.

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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. In a detailed analysis of each individual candlestick, you will see its characteristics relative to a particular time period: open price, close price, high and low prices.

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

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

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

IMPORTANT TO REMEMBER

Golden Rule: Before you start trading with real money, you need to figure out what you are dealing with. That is why learning to trade is so important for a novice trader, and the market will exist tomorrow, next week, next year, and the next decade.

Gven Podolsky,
الخبير التحليلي لدى شركة إنستافوركس
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