Trading plan for starters of EUR/USD and GBP/USD on March 3, 2022

Details of the economic calendar of March 3:

Data on business activity in the EU, Britain, and the United States were published, where the general growth of indices was recorded. There was also data on jobless claims in the United States, which recorded a decrease in the overall figure by 16,000. Everything would be fine, but macroeconomic statistics are ignored by the market, since the incessant information and news flow is in the foreground.

Analysis of trading charts from March 3

The EURUSD currency pair resumed its downward move, as a result of which the quote came close to the psychological level of 1.1000. For three weeks, the euro exchange rate lost about 4%, which led to the prolongation of the medium-term downward trend.

The GBPUSD currency pair once again rebounded from the resistance area of 1.3400/1.3437, where a reduction in the volume of long positions was observed earlier. As a result, a downward move appeared on the market, where the sellers set their sights on the breakdown of the support point 1.3272.

March 4 economic calendar:

Today, data on retail trade in the European Union will be published, the volume of which in January may grow from 2.0% to 9.5% in annual terms.

The main macroeconomic event of the amendment is the report of the United States Department of Labor, which predicts by no means bad indicators. So, the unemployment rate can decrease from 4.0% to 3.9%, and 378,000 new jobs can be created outside of agriculture. Everything would be great if it were not for the information flow regarding the current situation in the world. Thus, I do not exclude that even such important statistics will be ignored by the market.

Time targeting

EU retail sales - 10:00 Universal time

U.S. Department of Labor Report - 13:30 Universal time

Trading plan for EUR/USD on March 4:

At the moment, the quote is moving within the control level of 1.1000, while not reducing interest in the downward move. In order for the breakdown of such an important level to be counted, the quote needs to stay below the value of 1.0950 in a four-hour period. In this case, the downward trend will be prolonged.

An alternative scenario for the development of the market considers the reduction in the volume of short positions within the psychological level. This can lead to a temporary slowdown in the downward cycle.

Trading plan for GBP/USD on March 4:

In this situation, there is a slight stagnation within the value of 1.3310, while the downward interest remains on the market. Thus, keeping the price below 1.3310 with a high degree of probability will lead to an update of the local low 1.3272.

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.