empty
04.10.2023 10:30 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on October 4, 2023

Details of the Economic Calendar on October 3

The number of open vacancies in the USA has significantly increased, rising by 690,000 compared to the previous month, reaching 9.61 million in August 2023. This growth significantly exceeded the consensus forecast, which expected 8.8 million open vacancies. These data indicate the resilience of the labor market, despite the actions of the Federal Reserve System to tighten monetary policy.

Analysis of Trading Charts from October 3

The EUR/USD currency pair managed to stabilize below the 1.0500 level, despite a pronounced technical signal of oversold conditions. This movement indicates a prevailing bearish sentiment among market participants.

On the other hand, the GBP/USD pair reached the upper boundary of the psychological level of 1.2000/1.2050 during its momentum. This led to a reduction in short positions and, as a result, a temporary slowdown in the downward trend.

This image is no longer relevant

Economic Calendar for October 4

Today, the final data on business activity indices in the services sector for Europe, the United Kingdom, and the United States are expected to be published. If these indicators align with preliminary estimates, there may not be a significant market reaction. However, speculators may pay special attention to the publication of producer price data in the EU. Forecasts suggest an acceleration of the rate of decline from -7.6% to -11.6%. This indicates ongoing deflation, which, in turn, could signal an imminent reduction in interest rates by the regulator.

During the American trading session, particular attention will be given to the ADP employment report in the private sector of the United States. It is expected that this report will show employment growth at the level of 160,000, which may indicate a slowdown in the U.S. labor market.

EUR/USD Trading Plan for October 4

It is expected that further growth in short positions in the euro may occur if the price remains below the 1.0450 level. In this case, a decline in price to the level of 1.0350 is possible. Regarding corrective movement, for its consideration relative to these levels, the price needs to return above the 1.0500 level, at least on a four-hour basis.

This image is no longer relevant

GBP/USD Trading Plan for October 4

Despite an obvious technical signal of oversold conditions for the British pound, the bearish sentiment still prevails in the market. Therefore, the current consolidation may serve as a phase of trader repositioning. If the price stays below the 1.2050 level, it may lead to further declines in quotes, possibly down to the lower boundary of the psychological level of 1.1950/1.2000. As for corrective movement, it would require the price to first return above the 1.2100 level.

This image is no longer relevant

What's on the charts

The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.

Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.

Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.

The up/down arrows are landmarks of the possible price direction in the future.

Gven Podolsky,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

How to Trade the GBP/USD Pair on May 12? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD On Friday, the GBP/USD currency pair exhibited a tendency to rise. As we can see, first of all, the pair once again

Paolo Greco 06:50 2025-05-12 UTC+2

How to Trade the EUR/USD Pair on May 12? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair traded in a fairly technical and predictable manner. The US dollar failed to build

Paolo Greco 06:50 2025-05-12 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 12. Flat Trend Not Over

On Friday, the GBP/USD currency pair initially exited its sideways channel but quickly and confidently recovered to the Senkou Span B line. From a technical standpoint, the flat range could

Paolo Greco 03:48 2025-05-12 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 12. The Euro Is in No Hurry to Fall, and the Dollar to Rise

The EUR/USD currency pair could not continue its downward movement on Friday. This is not surprising, as any dollar growth is achieved with significant effort. Regardless of the macroeconomic

Paolo Greco 03:48 2025-05-12 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 9th (Morning Trade Review)

In my morning forecast, I highlighted the 1.3283 level and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:05 2025-05-09 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 9th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.1257 level and planned to base entry decisions around it. Let's look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 19:01 2025-05-09 UTC+2

What to Pay Attention to on May 9? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Friday. Fundamental developments will also be limited, but it's entirely unclear which factors influence price formation. The pound and the euro had reasons

Paolo Greco 06:19 2025-05-09 UTC+2

How to Trade the GBP/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair continued its choppy decline within the sideways channel and failed to break out, unlike the EUR/USD pair

Paolo Greco 05:55 2025-05-09 UTC+2

How to Trade the EUR/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair unexpectedly exited the sideways channel where it had been trading for three weeks. This occurred during

Paolo Greco 05:55 2025-05-09 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 9: The Pound Remains Unshaken

On Thursday, the GBP/USD currency pair continued trading within the sideways channel, visible in the hourly timeframe. Two central bank meetings — each of which could be considered favorable

Paolo Greco 04:05 2025-05-09 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.