Relevance up to 10:00 2022-06-08 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Details of the economic calendar from June 6

Monday was traditionally accompanied by an empty macroeconomic calendar. Important statistics in Europe, the UK, and the United States were not released.

Analysis of trading charts from June 6

The EURUSD currency pair has been moving within a wide range of 1.0636/1.0800 for the second week in a row. This movement indicates a slowdown in the corrective move from the pivot point of 1.0350.

Since the beginning of June, the GBPUSD currency pair has been stubbornly trying to change the trading interest from an upward cycle to a downward one. This is indicated by the consistent touch of the support area 1.2450/1.2500.

Economic calendar for June 7

Tuesday is not much different from Monday in terms of the macroeconomic calendar. Important statistics in Europe, the UK, and the United States are not expected. For this reason, we follow the information flow, as well as technical analysis.

Trading plan for EUR/USD on June 7

The movement within the amplitude of 1.0636/1.0800 is still relevant in the market. As the main trading strategy, traders consider the breakdown of one or another flat boundary. This step will indicate the subsequent path of the quote according to one of the possible scenarios: the restoration of the downward trend or the prolongation of the current correction.

Trading plan for GBP/USD on June 7

It can be assumed that the long absence of updating the local high indicates the completion of the corrective move. The main signal to sell the pound sterling will come from the market only after the price keeps stable below 1.2450 for at least a four-hour period. In this case, we will see a gradual recovery of dollar positions relative to the recent correction.

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.

Read more: https://www.instaforex.eu/forex_analysis/313138