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FX.co ★ Trading recommendations for starters of EUR/USD and GBP/USD on April 7, 2021

Trading recommendations for starters of EUR/USD and GBP/USD on April 7, 2021

Yesterday's economic calendar included the publication of an important economic indicator, however, speculators still dominate the market.

Here's the details of the economic calendar for April 6:

The Statistical Office of the European Union (Eurostat) published a report on the unemployment rate in Europe, where the previous data was revised upwards from 8.1% to 8.3%, and the current figure came out at 8.3%.

It should be recalled that analysts expected the unemployment rate to remain at 8.1% before the indicators were revised. This was already considered a lot, but considering the adjustments, the situation worsened.

The euro did not make a reaction, as if market participants ignored the negative background.

Trading recommendations for starters of EUR/USD and GBP/USD on April 7, 2021

Analysis of trading charts from April 6

Regardless of the negative statistical indicators, the Euro currency (EUR/USD) showed a fairly strong growth, which the market dubbed as speculative. The trading recommendation on April 6 took into account the possibility of sharp price changes, including speculative ones, which is why there was a price stagnation in the range of 1.1795/1.1821. In relation to this, the movement was carried out on the basis of a breakdown of a particular frame, catching the current price impulse.

As a result, the upper border of the level of 1.1821 was broken. We managed to earn on an upward impulse of about 50 points, which is $ 50 with a trade volume of 1 Instalot.

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Trading recommendations for starters of EUR/USD and GBP/USD on April 7, 2021

Meanwhile, the British currency (GBP/USD) was also subject to speculative sentiment, but in this case, downward interest prevailed, which returned the quote to the area of the base of the week.

Based on the trading recommendation of April 6, the price range of 1.3890/1.3920 was emphasized. In view of this, the downward positions were considered, which turned out to be a right trading decision. The price reached the first projected coordinates of 1.3845 during the first half of the European session, which provided us an income of about 50 points or equivalent to $ 50 with a trade volume of 1 Instalot.

Trading recommendations for starters of EUR/USD and GBP/USD on April 7, 2021

In conclusion, it was possible to easily earn around 100 points or $ 100 with a deal volume of 1 Instalot during the previous trading day.

Trading recommendation for EUR/USD and GBP/USD on April 7

Today, the minutes of the FOMC meeting will be published. Based on which, market participants can see the assessment of economic and financial conditions, expectations for monetary policy and possible risks that were determined in the result of the last Fed meeting.

Such a publication of the "minutes" may also lead to huge interest from market participants.

USA 18:00 Universal time - minutes of the FOMC meeting

Looking at the trading chart of the EUR/USD, another stagnation can be observed, where the price range of 1.1864/1.1881 serves as the accumulation of trading forces.

According to the indicated range, it is possible to apply the method of moving on the breakdown of a particular border and opening a trading position for an outgoing impulse.

  • Buy positions will be considered if the price is held above the level of 1.1885 in the direction of 1.1900-1.1925
  • Sell positions will be considered if the price is held below the level of 1.1860 in the direction of 1.1820.

Trading recommendations for starters of EUR/USD and GBP/USD on April 7, 2021

As for the trading chart of the GBP/USD, it shows that speculators continue to move on a downward course, where a path of 60 points has already been made during the opening of the European session.

If the price holds below the level of 1.3800, sellers will have greater chances to prolong the correctional move from the high of the medium-term trend 1.4224 ---> 1.3669.

We consider the area of 1.3700 as the primary perspective for the downward development.

Trading recommendations for starters of EUR/USD and GBP/USD on April 7, 2021

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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