Analysis of transactions in the EUR / USD pair
The euro remained trading in a sideways channel, even though buyers made another attempt to build a new upward direction. Before the release of inflation data in the eurozone, euro bulls set up long positions at 1.1870, however, as in the previous day, this did not lead to a large upward movement. The report on consumer prices was rather weak, thereby drying up the optimism of traders. To add to that, the data on the US economy was fairly good, so traders remained discouraged in bringing the quotes up in the market.
Trading recommendations for November 19
Today, particular attention will be drawn to the speech of ECB President, Christine Lagarde, as she may announce changes in the monetary policy or additional measures to stimulate the economy. If this happens, the pressure in the euro will increase.
In the afternoon, a report on the US labor market will be published, wherein if the data turns out better than the forecasts, the euro may decline even more.
Analysis of transactions in the GBP / USD pair
Good inflation data in the UK led to a slight strengthening of the British pound in the morning, which formed a good entry point for buying from the level of 1.3281. However, the first movement failed to break the monthly highs, as it only amounted to about 15 pips. It was the second attempt that was more successful, and it led to a growth of more than 30 pips. But since the Brexit negotiations still lack progress, the pressure on the pound has returned, keeping the GBP/USD pair in a sideways channel.
Trading recommendations for November 19
The pound will rely today on news regarding Brexit negotiations, that is, a positive progress will lead to a sharp rise in the British pound, while negative news or a lack of progress will result in a downward movement.