31.03.2023 10:19 AM
EUR/USD and GBP/USD: trading plan for beginners on March 31, 2023

Macroeconomic calendar from March 30

US GDP expanded less than expected in the 4 quarter. The American economy rose by 2.6%, slightly less than 3.2% in the 3 quarter. According to the US Bureau of Economic Analysis, the slower-than-previously-estimated growth reflected downward revisions to exports and consumer spending. Meanwhile, spending on services increased at a slower rate than previously estimated.

At the same time, US weekly jobless claims rose slightly more than expected, which is a negative factor for the jobs market. Continuing claims increased to 1,689,000 from 1,685,000. Initial claims soared to 198,000 from 191,000.

The greenback showed weakness after the release.

Overview of technical charts from March 30

The flat market on EUR/USD ended, and the price went up. The pair recovered after the recent fall and approached the high of last week.

Moving up, GBP/USD reached the swing high of the medium-term trend, 1.2400/1.2450. Between March 9 and March 31, the pair grew by about 5% or over 600 pips.

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Macroeconomic calendar on March 31

Macro data in the eurozone will draw traders' attention today. The flash estimate for inflation should reveal a decrease to 7.1% from 8.5. However, if actual results come different from preliminary estimates, this may trigger speculative swings, depending on the outcome.

Trading plan for EUR/USD on March 31

If EUR/USD consolidates above 1.0930 and updates the high of last week, we will likely see a bullish continuation toward 1.1000. However, should the uptrend stop, the price would pull back, targeting 1.0850-1.0800.

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Trading plan for GBP/USD on March 31

With the pound being overbought, there is a likelihood of a decrease in buying volumes, especially if the price encounters strong resistance in the area of the swing high of the medium-term trend. A pullback may follow afterward.

However, should technical signals be ignored and the quotes consolidate above 1.2450 in the daily time frame, inertial growth would follow.

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What's on technical charts

The candlestick chart shows graphical white and black rectangles with upward and downward lines. While conducting a detailed analysis of each individual candlestick, it is possible to notice its features intrinsic to a particular time frame: the opening price, the closing price, and the highest and lowest price.

Horizontal levels are price levels, in relation to which a stop or reversal of the price may occur. They are called support and resistance levels.

Circles and rectangles are highlighted examples where the price reversed in the course of its history. This color highlighting indicates horizontal lines which can exert pressure on prices in the future.

Upward/downward arrows signal a possible future price direction.

Gven Podolsky,
الخبير التحليلي لدى شركة إنستافوركس
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  • Grand Choice
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  • إيداع الحظ
    قم بإيداع 3,000 دولار في حسابك واحصل على $3,000 وأكثر من ذالك!
    في سبتمبر نحن نقدم باليانصيب $3,000 ضمن حملة إيداع الحظ!
    احصل على فرصة للفوز من خلال إيداع 3,000 دولار في حساب تداول. بعد أن استوفيت هذا الشرط، تصبح مشاركًا في الحملة.
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  • تداول بحكمة، اربح جهازا
    قم بتعبئة حسابك بمبلغ لا يقل عن 500 دولار ، واشترك في المسابقة ، واحصل على فرصة للفوز بأجهزة الجوال.
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  • بونص 100٪
    فرصتك الفريدة للحصول على بونص 100٪ على إيداعك
    احصل على بونص
  • بونص 55٪
    تقدم بطلب للحصول على بونص 55٪ على كل إيداع
    احصل على بونص
  • بونص 30٪
    احصل على بونص 30٪ في كل مرة تقوم فيها بتعبئة حسابك
    احصل على بونص

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