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Trading recommendations on the foreign exchange market for novice traders – EURUSD and GBPUSD 01/22/21

DATE OF PUBLICATION: 2021-01-22 12:05:47 During the past day, the US dollar felt local pressure, which led to a weakening of its position in the market. In terms of the economic calendar, the main event is rightfully considered the meeting of the European Central Bank (ECB). where the regulator expectedly kept the base interest rate on loans at zero level, and the rate on deposits at the level of -0.5%. From Cetrabank and its head they expected specifics regarding future actions and words about long-term deflation, which the European Union has recently faced, but the regulator brought nothing new. It’s just that the ECB report echoed the words of the December meeting. The market did not react to the scheduled meeting of the ECB, market activity was below average. In terms of statistics, weekly data on claims for unemployment benefits in the United States were published, where the number of initial claims fell from 926 thousand . to 900 thousand, while expecting a reduction to 910 thousand. The volume of repeated applications, which should have grown by 129 thousand, instead decreased by 127 thousand, which is considered a very good result. There was no market reaction to the positive statistics from the United States. Perhaps due to the fact that all the attention of traders was focused on the ECB meeting. What was happening on the trading chart? Although the Euro / Dollar currency pair showed upward interest during the previous day, the movement was limited by the 1.2130 / 1.2170 range. The quote slowed down the upward move, resulting in accumulation within the values ​​of 1.2170. The Pound / Dollar currency pair managed not only to show upward interest, buyers managed to update the local maximum of the medium-term uptrend, but traders did not manage to stay above 1.3750 … As a result, we saw another return of the price lower than 1.3700.Trading recommendation – EURO / DOLLAR and Pound / Dollar January 22 Today, in terms of the economic calendar, data on retail sales in the UK have already been published, where they recorded their growth from 2.4% to 2. 9%, but the market reacted to the statistics rather negatively, due to the reason that it expected the growth of retail sales to 4.0%. Investor disappointment led to a weakening of the pound. Today, only preliminary data on the PMI in Europe, Britain and The United States, where the index is forecast to decline everywhere. Analyzing the current trading chart of the Euro / Dollar, we can see that the quotation is still within the upper border of the 1.2130 / 1.2170 range, while showing upward interest. In this situation, do not rush, wait for a clear fixation of the price higher than 1.2190 in a four-hour period in order to confirm the signal of upward development. Otherwise, the quote may continue to fluctuate within the boundaries of 1.3130 / 1.3170, with a deviation 10-15 pips. Analyzing the current trading chart of the pound sterling, we can see that the 1.3700 / 1.3750 area is still putting pressure on buyers, which leads to a rebound in the price and holding below 1.3700. In order for the logical basis associated with the 1.3700 / 1.3750 area to continue to be embodied in the market in the form of short positions, the quotation must keep below 1.3700. Development of a medium-term upward trend will be considered if the price is kept above 1, 3750 on a daily period Material provided by InstaForex – Source – InstaForex

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