Here are the details of the economic calendar from August 25:

Yesterday, America's durable goods orders were released, putting the US dollar under local pressure, despite being better than expected. The volume of orders declined by 0.1%, against the expected decline of 0.3-0.5%. But this is still a decline, and so retail sales may fall again.

* Durable goods orders are an economic indicator that reflects the change in the value of new durable goods orders received by United States enterprises in the reporting month compared to the previous month. Durable goods are those goods whose service life exceeds three or more years, such as cars, machinery, equipment, etc.

The data for processing is obtained from a survey of more than 5,000 durable goods manufacturers across the country, representing 92 industries.

Analysis of trading charts from August 25:

The EUR/USD pair managed to slightly prolong the correction, but this did not change the situation on the market in any way. The downtrend cycle from early June is still viewed by market participants as the main movement. It should be recalled that market corrections are an integral part of the trend. In our case, a downward trend is considered.

The GBP/USD pair reached the level of 1.3770, where there was stagnation and, as a result, an increase in the volume of short positions. The corrective movement from the base area of 1.3600 is almost done.

August 26 economic calendar:

The focus of market participants today is on the publication of weekly applications for unemployment benefits in the United States, which are predicted to reduce their volume. This may support the US dollar in case of a coincidence of expectations.

Details of statistics:

The volume of initial applications for benefits may slightly increase from 348 thousand to 350 thousand.

The volume of repeated applications for benefits may fall from 2 820 thousand to 2 790 thousand.

* Applications for unemployment benefits reflect the number of currently unemployed citizens and those receiving unemployment benefits. This indicator is considered to be the state of the labor market, where the growth of the indicator negatively affects the level of consumption and economic growth. The reduction of applications for benefits has a positive effect on the labor market.

Thus, a decrease in the number of applications for benefits may lead to a strengthening of the national currency (USD).

Together with the applications for benefits, the second estimate of the US GDP for the second quarter will be published. However, these data are likely to be ignored, as they should only confirm the first estimate, which showed an acceleration in economic growth from 0.5% to 12.2%.

Trading plan for EUR/USD on August 26:

The end of correction is possible in the area of 1.1785/1.1810. If the forecast for the following week coincides, we will have a consistent recovery relative to the correction.

In such a case, traders can now start considering short positions in the direction of 1.1700-1.1670.

Trading plan for GBP/USD on August 26:

The resistance area on the correction path is the range of 1.3770/1.3800, relative to which the recovery process is considered. If the expectations regarding the completion of the correction coincide, we are expected to move towards the range of 1.3700-1.3600.

What is reflected in the trading charts?

A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.

Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.

Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.

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

Golden Rule: It is necessary to figure out what you are dealing with before starting to trade with real money. Learning to trade is so important for a novice trader because the market is constantly dynamic and it is important to understand what is happening.