Here are the details of the economic calendar for December 10, 2021
Last Friday, data on industrial production in the UK were published, the growth rate of which slowed from 2.9% to 1.4% with a forecast of 2.1%. Britain’s data only locally put pressure on the pound sterling. The publication of inflation data in the United States was rightfully considered as the main event last Friday. Here, the growth rate of consumer prices accelerated from 6.2% to 6.8%, which confirms the fears of investors once again about possible actions by the Fed to curb the rapidly growing inflation. The US dollar weakened at the time of the publication of inflation data.
Analysis of trading charts from December 10:
The EUR/USD pair has changed its corrective course to the side, where the levels of 1.1265/1.1355 serve as the borders of the variable amplitude. The prolonged finding of the price in a closed amplitude will lead to an acceleration in the market, where the flat serves as a lever for speculators. The GBP/USD pair resumed movement in the 1.3200/1.3290 side channel. As a result, the quote rushed to its upper limit. Despite the temporary flat, the downward interest still prevails in the market as indicated by the medium-term trend from the beginning of June.
December 13 economic calendar: Monday is traditionally accompanied by an empty macroeconomic calendar. Therefore, special attention is paid to information flow as well as technical analysis.
Trading plan for EUR/USD on December 13:
The side channel in the range of 1.1265/1.1355 will be completed soon. In this situation, the most appropriate trading tactic is considered to be the method of breaking one or another border of the established range.
Buy positions should be considered after holding the price above 1.1360 in a four-hour period.
Sell positions should be considered after holding the price below 1.1260 in a four-hour period.
Trading plan for GBP/USD on December 13:
Trading tactics for the British currency will be similar to its European counterpart. Trading is carried out based on the side channel, where the signal for action is made when the price is held outside the established borders for at least a four-hour period.
Trading recommendations
Buy positions will be considered if the price is held above the level of 1.3300.
Sell positions will be considered if the price is held below the level of 1.3165.
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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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