empty
 
 
31.05.2022 11:51 AM
Tips for beginner traders in EUR/USD and GBP/USD on May 31, 2022

Details of the economic calendar from May 30

Monday was traditionally accompanied by a blank macroeconomic calendar. Important statistics in Europe, the UK, and the United States were not released. At the same time, the largest player (the United States) was absent from the market due to a day off.

Despite the absence of any statistics, the past day became important due to the strong information flow. The European Union has agreed on the sixth package of sanctions against Russia. The main topic was a partial embargo on Russian oil supplies. According to the head of the European Commission, Ursula von der Leyen, almost two-thirds of Russian oil exports to Europe fell under the ban. The comments also mention the deadline for adoption, which is within six months, that is, the embargo will be in full force by the end of the year.

In fact, the EU has once again hit its own economy, since in return for Russian oil they will have to replace the volume that has dropped out at a higher price. In the medium term, this may weaken the European currency.

Analysis of trading charts from May 30

During the corrective movement, the EURUSD currency pair approached the resistance area of 1.0800/1.0850. This led to a reduction in the volume of long positions and, as a result, to a local pullback.

The GBPUSD currency pair formed a stagnation just below the 1.2670/1.2720 resistance area. This signals a slowdown in the upward cycle, where the volume of long positions has decreased.

This image is no longer relevant

Economic calendar for May 31

Today, traders are focused on the preliminary assessment of inflation in Europe. It is predicted that the consumer price index will continue to grow from 7.4% to 7.7%, which is a negative factor for the EU economy. Further inflation growth may stimulate the ECB to more aggressive tactics of tightening monetary policy. In simple words, the regulator may still move to an interest rate hike based on the growth of inflation. Thus, based on the logic of the ECB's further steps, this news may lead to an increase in the value of the euro in the medium term.

A short-term reaction to rising inflation could lead to a weakening of the euro.

Time targeting

EU Inflation - 09:00 UTC

Trading plan for EUR/USD on May 31

The area of resistance 1.0800/1.0850 is still putting pressure on buyers, which may lead to the completion of the corrective movement. If expectations are confirmed, the euro rate may return to the value of 1.0636.

An alternative scenario considers the prolongation of the correction. This signal will be relevant only if the price holds above 1.0850 in the daily period.

This image is no longer relevant

Trading plan for GBP/USD on May 31

In this situation, special attention is paid to the stage of stagnation within the amplitude of 1.2600/1.2700. This fluctuation may indicate the process of accumulation of trade forces, which will eventually lead to a local acceleration. Based on the assumption, the best trading tactic is the method of breaking through one or another stagnation border with confirmation in a four-hour period.

This image is no longer relevant

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.

Gven Podolsky,
Chuyên gia phân tích của InstaForex
© 2007-2024
Kiếm lợi nhuận từ những biến đổi giá của tiền điện tử với InstaForex.
Tải MetaTrader 4 và mở giao dịch đầu tiên của bạn.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    THAM GIA CUỘC THI
  • Tiền gửi lần truy cập
    Ký quỹ tài khoản của bạn với $3000 và nhận được $5000 nhiều hơn!
    Trong Tháng 11 chúng tôi xổ $5000 trong chiến dịch Chancy Deposit!
    Có được một cơ hội giành chiến thắng bằng việc ký quỹ $3000 vào một tài khoản giao dịch. Đáp ứng được điều kiện này, bạn trở thành một người tham gia chiến dịch.
    THAM GIA CUỘC THI
  • Giao dịch khôn ngoan, thành công
    Nạp tiền vào tài khoản của bạn với ít nhất $ 500, đăng ký cuộc thi và có cơ hội giành được các thiết bị di động.
    THAM GIA CUỘC THI
  • 100% tiền thưởng
    Cơ hội duy nhất của bạn để nhận 100% tiền thưởng khi gửi tiền
    NHẬN THƯỞNG
  • 55% Tiền thưởng
    Đăng ký tiền thưởng 55% cho mỗi lần gửi tiền của bạn
    NHẬN THƯỞNG
  • 30% tiền thưởng
    Nhận 30% tiền thưởng mỗi khi bạn nạp tiền vào tài khoản của mình
    NHẬN THƯỞNG

Các bài báo được đề xuất

Không thể nói chuyện ngay bây giờ?
Đặt câu hỏi của bạn trong phần trò chuyện.
Widget callback