empty
21.11.2023 11:10 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on November 21, 2023

Details of the Economic Calendar on November 20

Monday was traditionally accompanied by an empty macroeconomic calendar. The publication of important statistical data in the European Union, the United Kingdom, and the United States is not anticipated. However, we observed a subsequent sell-off of dollar positions, as investors are inclined to believe that the Federal Reserve will no longer raise interest rates and will soon announce a cycle of rate cuts. This is evident from the yield of twenty-year bonds of the United States federal government, which decreased from 5.245% to 4.780%.

This image is no longer relevant

Analysis of Trading Charts from November 20

The EUR/USD currency pair, in the course of inertia-speculative movement, rose above the value of 1.0950. This price move indicates a prevailing bullish sentiment among market participants, who are ignoring the growing technical signal of the overbought condition of the euro.

The GBP/USD pair managed to recover previously lost positions and broke through the resistance level of 1.2500. As a result, the price consolidation occurred above the level, indicating a prolonged upward cycle.

Economic Calendar on November 21

Today, the publication of data on existing home sales in the United States is expected, where a decline of 1.3% is forecasted. This is a negative factor that may lead to further selling of dollar positions in the market.

EUR/USD Trading Plan for November 21

In the case of further growth, touching the psychological level of 1.1000 is possible. This is the first possible target on the path of buyers seeking to resume the euro's course relative to the decline during the summer. However, attention should not be diverted from the technical signal of the overbought condition of the euro, as touching the level of 1.1000, in theory, can lead to a reduction in the volume of long positions, resulting in a local price pullback.

This image is no longer relevant

GBP/USD Trading Plan for November 21

In the case of further growth, a scenario of a phased recovery in the value of the British pound relative to the decline from mid-July to late September will be considered by traders. However, if the upward cycle is interrupted, and the quote stabilizes below the 1.2500 mark, it may indicate a temporary weakening of the pound or a possible flat cycle.

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

GBP/USD: Trading Plan for the U.S. Session on May 30th (Morning Review)

In my morning forecast, I focused on the 1.3456 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:30 2025-05-30 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 30th (Morning Review)

In my morning forecast, I focused on the 1.1336 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:27 2025-05-30 UTC+2

How to Trade the GBP/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair showed movements similar to the EUR/USD pair but with lower volatility. The ascending trendline was breached

Paolo Greco 06:37 2025-05-30 UTC+2

How to Trade the EUR/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair started Thursday with a sharp collapse but spent the rest of the day trading with strong growth. Explaining

Paolo Greco 06:37 2025-05-30 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 30: The British Pound is as Calm as an Elephant

The GBP/USD currency pair showed lower volatility on Thursday than the EUR/USD pair, which is quite surprising. At the same time, the British pound recovered without much difficulty

Paolo Greco 03:51 2025-05-30 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 30: The Market Fooled Everyone

The EUR/USD currency pair plunged sharply overnight on Thursday but posted a threefold stronger rally throughout the day. The overnight movement was triggered by a single event: the U.S. Court

Paolo Greco 03:51 2025-05-30 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 29th (Morning Trade Review)

In my morning forecast, I focused on the 1.3429 level and planned to base market entry decisions on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:55 2025-05-29 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.