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08.11.2022 09:26 AM
Trading plan for EUR/USD and GBP/USD on November 8

Consumer activity is important as it is the main driver for economic growth. The best indicator of its condition is retail sales, so a slowdown in Europe, from -2.0% to -1.5%, could strengthen the demand for euro, as well as pound.

However, the report does not matter today as dollar is already losing position amid increasing fears brought about by the midterm election results in the US. The Republican Party is likely to take control of both houses of Congress, leading to many decisions to be delayed. This does not bode well in the context of the growing economic crisis. The market will stand still all day, waiting for the first preliminary voting results.

Retail sales (Europe):

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Euro has skyrocketed in value against dollar. Since last Friday, the growth amounted to almost 300 points, which returned the quote to the parity level. However, euro is now overbought, so there may be a rebound or stagnation in the market.

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GBP/USD also rushed up by about 400 points, hitting 1.1410/1.1525. Signals show that it is overbought, so it is likely that there will be a rebound in the market.

Mark Bom,
Analytical expert of InstaForex
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