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Trading plan for starters of EUR/USD and GBP/USD on September 14, 2021

Trading plan for starters of EUR/USD and GBP/USD on September 14, 2021

Here are the details of the economic calendar for Sept 13:

Yesterday's economic calendar was empty – no important statistics were released in Europe, Britain, and the United States.

In most cases, Monday will not contain important statistics in the economic calendar, but this does not mean that the market will stand in one place that day.

Analysis of trading charts from September 13:

The downward cycle from the resistance area 1.1880/1.1905 slowed down within the level of 1.1770, where the Euro had a chance to strengthen its positions. The subsequent pullback returned the quote above the 1.1800 level, while not breaking the downward cycle.

In this situation, special attention is paid to the decline, since it is considered the main one in the market. This is clearly seen on the four-hour chart of the EUR/USD pair, where all subsequent price fluctuations are in its structure.

See also: Start Forex trading with a European level broker!
Trading plan for starters of EUR/USD and GBP/USD on September 14, 2021

The GBP/USD pair returned to the area of 1.3800 after the price rebound from the resistance level of 1.3880, where market participants did not manage to stay below it. As a result, there was an amplitude movement between the levels.

It can be noted that the looped movement in the range of 1.3800/1.3880 indicates a slowdown in the correction from the local low of 1.3600. This may well signal a change in trading interests.

* The resistance level is the so-called price level, from which the quote can slow down or stop the upward movement. The principle of constructing this level is to reduce the price stop points on the history of the chart, where the price reversal in the market has already occurred earlier.

* A change of trading interests is when there is a change of direction in the market from ascending to descending or from descending to ascending.

Trading plan for starters of EUR/USD and GBP/USD on September 14, 2021

September 14 economic calendar:

The UK labor market data were published at 6:00 Universal time today, where the unemployment rate declined from 4.7% to 4.6%. At the same time, employment increased in July by 183 thousand, while the number of applications for unemployment benefits fell by 58 600 in August.

The labor market in Britain is recovering, but traders were likely expecting even stronger numbers. The pound practically did not react to the data when the statistics were released.

The main event is considered to be America's inflation data, where inflation is predicted to decline from 5.4% to 5.3%. During the publication period, speculative interest in the market is possible.

Trading plan for EUR/USD on September 14:

The downward trend is still relevant among market participants, but to continue this, it is necessary to hold the price below the level of 1.1800. This step will lead to an increase in the volume of short positions and a possible movement towards the 1.1770-1.1700 range.

Traders will consider an alternative scenario of price development if the quote is kept above the level of 1.1850. In this case, approaching the resistance area 1.1880/1.1905 is likely.

Trading plan for starters of EUR/USD and GBP/USD on September 14, 2021

Trading plan for GBP/USD on September 14:

Special attention is paid to the breakdown strategy in this situation where the quote is in between the two levels of 1.3800 and 1.3880. Thus, keeping the price outside a particular level may indicate the subsequent course of the quote.

Short positions or Short means sell positions.

Trading plan for starters of EUR/USD and GBP/USD on September 14, 2021

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.

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