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12.09.2023 10:44 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on September 12, 2023

Details of the Economic Calendar on September 11

Monday, as usual, was accompanied by an empty macroeconomic calendar. Important statistical data were not released in the European Union, the United Kingdom, and the United States.

Analysis of Trading Charts from September 11

The EUR/USD currency pair formed a pullback from the 1.0650/1.0680 range, which is considered support in the market due to the interaction of trading forces. Partial recovery in the euro's exchange rate did not lead to radical changes, and the downward cycle remains relevant.

The GBP/USD currency pair returned above the 1.2500 level during the pullback. However, this price movement did not lead to a change in trading interests in the market.

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Economic Calendar for September 12

At the start of the European trading session, data on the UK labor market was published, indicating an increase in the unemployment rate to 4.3%, in line with analysts' forecasts. The number of employed individuals decreased by 207,000 in July, while a decrease of 185,000 was expected. These labor market data were far from favorable, but the British pound did not show the expected reaction to them.

EUR/USD Trading Plan for September 12

As long as the quote does not return to the area of interaction of trading forces, the pullback scenario remains relevant in the market, which may lead to a move toward the 1.0800 level.

Regarding the downward scenario, for its continuation, it is necessary for the price to remain below the 1.0650 level. In this case, there is potential for strengthening short positions and movement towards the 1.0500 level.

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GBP/USD Trading Plan for September 12

If the price returns below the 1.2450 mark, this could trigger a resumption of short positions and, as a result, prolong the current downward cycle in the market.

As for the upward scenario, traders are considering the possibility of a partial recovery in the British currency's exchange rate, provided that the price remains above the 1.2550 level. In such a case, we can expect a move towards 1.2650–1.2700.

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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,
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