empty
 
 

Forex Analysis & Reviews: EUR/USD and GBP/USD trading plan and analysis for beginners on December 2, 2022
time 02.12.2022 10:15 AM
time Relevance up to, 03.12.2022 09:56 AM

Economic calendar on December 1

The unemployment rate in the EU unexpectedly dropped in October to 6.5%, according to the data provided by Eurostat. Notably, analysts expected the indicator to stay at September levels of 6.6%.

The difference between expectations and actual figures was favorable to the euro.

In the North American trade, the weekly data on jobless claims in the US was published. A strong rise in continuing jobless claims put pressure on the US dollar. This is a negative factor for the US labor market.

Statistical data:

Continuing jobless claims increased to 1,608K from 1,551K.

Initial jobless claims dropped to 225K from 241K.

Overview of technical charts on December 1

For the first time since June this year, the euro has settled above 1.0500 against the US dollar. The current resistance level failed to withstand the pressure from strong bullish momentum. So, the euro buyers managed to change the market balance in their favor.

Following a strong upside movement, GBP/USD reached the resistance of 1.2300 and made a few attempts to break through it. This brought the quote to the levels last seen in June which indicates that bulls are strongly determined to change the medium-term trend.

This image is no longer relevant

Economic calendar on December 2

The key event of the week is considered the release from the US Bureau of Labor Statistics. The data is expected to have a strong impact on the market.

According to forecasts, the unemployment rate should stay unchanged at 3.7%. The number of new jobs in the non-agricultural sector is expected to reach 200K. This is a good result that may pave the way for a further decline in unemployment. There is every indication that the US dollar may still get support from the buyers unless the data is revised downwards. In this case, the greenback will continue to lose ground.

Timing

US Department of Labor report – 13:30 GMT

Trading plan for EUR/USD on December 2

If the price holds steady above the key level of 1.0500 on the daily chart, the euro may extend its upward movement. This scenario will indicate a change in the market sentiment in the medium term.

To activate an alternative scenario, the quote needs to return below 1.0500 on the daily chart.

This image is no longer relevant

Trading plan for GBP/USD on December 2

As the pound has gained more than 350 pips since Wednesday, it is hardly surprising that the technical signal is showing its overbought status on the D1 chart.

This makes a pullback or a flat movement very likely. As for the continuation of the uptrend, it will be relevant only if the price settles firmly above 1.2300 on the 4-hour chart.

This image is no longer relevant

What's on the charts

The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.

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

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

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

Gven Podolsky,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

  • 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 $1000 more!
    In February we raffle $1000 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

EUR/USD and GBP/USD trading plan for beginners on February 7, 2023

The EURUSD currency pair not only managed to maintain its inertia despite the technical signal that the euro was oversold, it managed to stay below the value of 1.0750

Gven Podolsky 10:42 2023-02-07 UTC+2

Trading plan for EUR/USD and GBP/USD on February 7

Although the retail sales data for the Euro area was revised upwards, the number itself is still noticeably worse than the forecast. The rate of decline was expected to slow

Mark Bom 08:43 2023-02-07 UTC+2

How to trade GBP/USD on February 7. Simple trading tips and analysis for beginners

GBP/USD tried to continue the downward movement on Monday, but failed to cross 1.2008. It also failed to enter a strong bullish correction so the pair was flat for most

Paolo Greco 08:38 2023-02-07 UTC+2

How to trade EUR/USD on February 7, 2023. Simple trading tips and analysis for beginners

Overview of Monday trades: EUR/USD continued to decline on Monday but with less volatility. As we have mentioned before, the momentum movement from Friday and Thursday continued through Monday. There

Paolo Greco 07:56 2023-02-07 UTC+2

Outlook and trading signals for GBP/USD on February 7. COT report. Pound retreats from the collapse

GBP/USD managed to avoid sharp losses on Monday, but still fell several dozens of points. In general, it moved mostly sideways than downward, so we can say that the market

Paolo Greco 07:27 2023-02-07 UTC+2

EUR/USD: trading plan for the European session on February 7, 2023. Commitment of Traders COT report (analysis of yesterday's trades). Euro continues to fall

There was only one market entry signal yesterday. Let us have a look at the 5-minute chart and figure out what happened. A breakout and a upward retest

Miroslaw Bawulski 07:16 2023-02-07 UTC+2

EUR/USD: Forecast and trading signals on February 7, 2023. COT report. Detailed analysis of price movement and trades

On Monday, the EUR/USD pair was bearish. In spite of the empty macroeconomic calendar, traders found a reason to sell the instrument. Yet, a couple of weeks ago, there

Paolo Greco 06:28 2023-02-07 UTC+2

Trading plan for US dollar index on February 07, 2023

The US dollar index rallied through the 103.40 highs during the New York session on Monday before finding resistance. The index is seen to be trading close to 103.10

Oscar Ton 03:28 2023-02-07 UTC+2

Trading plan for EURUSD on February 07, 2023

EURUSD dropped through the 1.0709 lows late in the New York session on Monday before finding mild bids. The bears might not be done yet as they prepare to drag

Oscar Ton 03:10 2023-02-07 UTC+2

EUR/USD heading towards 1.0500

The EUR/USD pair dropped below the uptrend line and below the 1.0771 former low which represented downside obstacles, signaling that the upward movement ended and that we may have

Ralph Shedler 20:30 2023-02-06 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.