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11.06.202110:23 Forex Analysis & Reviews: Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on June 11

Analysis of transactions in the EUR / USD pair

There were a lot of sharp movements yesterday, thanks to the released macroeconomic reports. However, the desired results were not achieved because the ECB decisions and US inflation data kept the market balanced.

Exchange Rates 11.06.2021 analysis

Trading recommendations for June 11

Pay attention to the upcoming macro statistics today as those will affect the market. For example, better-than-expected inflation data from France and Spain will result in a rally, while weak figures may lead to another decline in euro. Then, in the afternoon, US will release a report on consumer sentiment, which, if exceeds forecasts, can trigger a downward correction in EUR / USD.

For long positions:

Enter a long position when the quote reaches 1.2199 (green line on the chart), and then take profit around the level of 1.2236. Euro will turn up if France and Spain release good data on inflation. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.

For short positions:

Enter a short position when the quote reaches 1.2176 (red line on the chart), and then take profit at the level of 1.2133. Euro will decline if the EU publishes weak economic reports. But before selling, make sure that the MACD line is below zero, or is starting to move down from it.

Exchange Rates 11.06.2021 analysis

What's on the chart:

The thin green line is the key level at which you can place long positions in the EUR / USD pair.

The thick green line is the target price, since the quote is unlikely to move above this level.

The thin red line is the level at which you can place short positions in the EUR / USD pair.

The thick red line is the target price, since the quote is unlikely to move below this level.

MACD line - when entering the market, it is important to be guided by the overbought and oversold zones.

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.

Analysis of transactions in the GBP / USD pair

A signal to sell appeared in the market yesterday. Fortunately, it came when the MACD line was going down from zero, so pound was able to decline by 30 pips. Then, afterwards, a buy signal was formed, but it had to be ignored because the MACD line was already at the overbought area.

Exchange Rates 11.06.2021 analysis

Trading recommendations for June 11

Pay attention to the upcoming macro statistics today as those will affect the market. For example, better-than-expected data on UK GDP, industrial production and service activity will result in a rally, while weak figures may lead to another decline in pound. Statements from the Bank of England may also influence investor sentiment. Then, in the afternoon, US will release a report on consumer sentiment, which, if exceeds forecasts, can trigger a downward correction in GBP / USD.

For long positions:

Enter a long position when the quote reaches 1.4193 (green line on the chart), and then take profit at the level of 1.4255 (thicker green line on the chart). Good data from UK will lead to a rally in pound. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.

For short positions:

Enter a short position when the quote reaches 1.4154 (red line on the chart), and then take profit at the level of 1.4097. Pound will decline if UK publishes a weak GDP report. But before selling, make sure that the MACD line is below zero, or is starting to move down from it.

Exchange Rates 11.06.2021 analysis

What's on the chart:

The thin green line is the key level at which you can place long positions in the GBP/USD pair.

The thick green line is the target price, since the quote is unlikely to move above this level.

The thin red line is the level at which you can place short positions in the GBP/USD pair.

The thick red line is the target price, since the quote is unlikely to move below this level.

MACD line - when entering the market, it is important to be guided by the overbought and oversold zones.

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Jakub Novak,
Analytical expert
InstaForex Group © 2007-2021
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