Details of the economic calendar on May 30

The housing price index in the United States was published, which declined from 4.2% to 3.6% year-on-year. Despite this, the indicators remain at a sufficiently high level. It is worth noting that the previous data was revised upwards, with growth from 4.0% to 4.2%, and the current figures exceeded the forecasts, reaching 2.4%.

Analysis of trading charts from May 30

The EUR/USD exchange rate completed a slight retreat, continuing its downward impulse. As a result, the price once again fell below the 1.0700 mark.

The GBP/USD currency pair ended its consolidation along the 1.2350 level and began an upward movement. This is the first technical signal of a possible completion of a two-week corrective cycle that started from the medium-term trend's peak.

Economic calendar for May 31

Data on job openings in the United States will be published today, and forecasts indicate a possible decrease in their number from 9.6 million to 9.2 million. Ahead of the Department of Labor report, such a decline is not a good signal. Any signs of a deteriorating labor market situation are always interpreted as weakening the national currency.

EUR/USD trading plan for May 31

The market participants' bearish sentiment persists, and with a sustained price below the 1.0700 level, the current correction may continue to new price levels. It should be noted that the euro exchange rate is oversold, confirmed by various technical indicators. However, speculators are ignoring these signals, indicating an inertial movement. Such movements can ultimately lead to a sharp reduction in short positions and a change in the direction of the quotes.

GBP/USD trading plan for May 31

For the volume of long positions on the British pound to increase further, the quote needs to stay above the 1.2450 level. In this case, a subsequent recovery move may occur after the recent corrective cycle. However, the possibility of a continued corrective cycle should be taken into account. For this to happen, the price must stay below the value of 1.2300, at least in the four-hour timeframe.

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.