empty
 
 

Forex Analysis & Reviews: EUR/USD and GBP/USD trading plan and analysis for beginners on December 9, 2022
time 09.12.2022 09:56 AM
time Relevance up to, 10.12.2022 09:49 AM

Economic calendar on December 8

Yesterday's employment data from the US showed that weekly jobless claims went up in contrast to a forecast predicting a decline. This is a negative factor for the US labor market which served as a catalyst for selling the US dollar.

Statistical data:

Continuing jobless claims increased to 1,671K from 1,609K.

Initial jobless claims went up to 230K from 226K.

Overview of technical charts on December 8

After breaking above the mark of 1.0550, the euro extended its rise against the US dollar. So, the European currency managed to regain almost 100% of its losses after the recent correction from the resistance level of 1.0600.

GBP/USD accelerated its advance after settling above the level of 1.2200. This allowed traders to add more long positions so that the pair gradually recovered after the recent pullback.

This image is no longer relevant

Economic calendar on December 9

Today, the US will publish the data on the producer price index which is expected to decline to 5.9% from 6.7%. This will be a signal that inflation is slowing down. If so, the US dollar sell-off may intensify amid expectations that the Fed will raise the rate by 50 instead of 75 basis points at its meeting in December.

Timing

Producer Price Index – 13:30 GMT

EUR/USD trading plan on December 9

If the price holds above 1.0600 at least on the H4 timeframe, the pair may extend its downtrend from the current low. This will signal a change in the market sentiment in the medium term.

Alternatively, a rebound from the level of 1.0600 is possible. If so, the volume of short positions may gradually increase thus causing a reversal in the trend.

This image is no longer relevant

GBP/USD trading plan on December 9

A steady hold above the 1.2300 level on the 4-hour chart may pave the way toward the local high of 1.2343. This move will indicate a change in the market sentiment in the medium term.

In a different scenario, the price may rebound from 1.2300/1.2343, encouraging the bears to add more short positions at the start of the next week.

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 analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • 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

GBP/USD: trading plan for European session on February 2. Commitment of Traders. GBP to reach January highs

Yesterday, there were several excellent entry points. Now, let's look at the 5-minute chart and figure out what actually happened. In the morning, there were no signals. The pair failed

Miroslaw Bawulski 11:19 2023-02-02 UTC+2

Trading plan for EUR/USD and GBP/USD on February 2

Risk appetite surged after the Federal Reserve announced a 25 bp increase at its monetary policy meeting. Jerome Powell also followed up with a statement that there

Mark Bom 11:16 2023-02-02 UTC+2

EUR/USD and GBP/USD trading plan for beginners on February 2, 2023

The EURUSD currency pair not only managed to show an upward interest, but has undergone drastic changes. Initially, the local high of the upward trend was updated, and then

Gven Podolsky 10:20 2023-02-02 UTC+2

Trading tips for EUR/USD

EUR/USD rose after the Fed announced another rate hike, followed by a dovish speech from Jerome Powell. From a technical point of view, this increase looks like a buyers' trap

Andrey Shevchenko 09:04 2023-02-02 UTC+2

Outlook and trading signals for GBP/USD on February 2. COT report. Analysis of market situation. The pound remains in a sideways channel

GBP/USD also showed good growth, but failed to leave the horizontal channel bounded by the levels of 1.2288 and 1.2429. During the last few weeks, the pound

Paolo Greco 07:40 2023-02-02 UTC+2

Outlook and trading signals for EUR/USD on February 2. COT report. Analysis of market situation. The euro grows for no reason

EUR/USD continued to grow quietly on Wednesday. Naturally, late in the evening, when the results of the US central bank meeting were announced and Federal Reserve Chairman Jerome Powell's speech

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

How to trade GBP/USD on February 2. Simple trading tips and analysis for beginners

GBP/USD did not show any desire to move. Volatility was about 50 pips, which is a miniscule amount for the pound. There were few macro data, but at least there

Paolo Greco 22:51 2023-02-01 UTC+2

How to trade EUR/USD on February 2. Simple trading tips and analysis for beginners

EUR/USD continued the upward movement that started the day before after the rebound from 1.0806. Thus, the pair remained in the sideways channel of 1.0806-1.0923, in which it has been

Paolo Greco 22:51 2023-02-01 UTC+2

Dow Jones Industrial Average outlook for February 1, 2023

In general, the upward dynamics of the U.S. stock market and its three major stock indices remains. Futures on one of the major U.S. stock indices, the Dow Jones Industrial

Jurij Tolin 14:33 2023-02-01 UTC+2

Trading tips for oil

Due to the warm weather and oversaturation of the LNG market in Europe, oil prices fell more than three times since last fall, breaking through the important technical level

Andrey Shevchenko 13:13 2023-02-01 UTC+2
Can't speak right now?
Ask your question in the chat.