FX.co ★ Trading plan for starters of EUR/USD and GBP/USD on November 15, 2021

Here are the details of the economic calendar for November 12, 2021:

Europe released its industrial production data last Friday, where their volume was expected to fall from 5.1% to 4.1%, but as a result, a different scenario emerged. The previous figure has been revised in favor of declining from 5.1% to 4.9%, while on the contrary, the current level increased to 5.2%.

These data managed to support the euro.

During the closure of European sites, JOLTS data on open vacancies in the United States were published, the total number of which decreased from 10,629 thousand to 10,438 thousand. The market did not make a reaction.

Analysis of trading charts from November 12:

The European currency has lost more than 160 points in value against the US dollar over the past week. This is a strong price change in a short period of time, which is classified as inertia. A number of important price levels have already been passed on the way of sellers, but this does not stop speculators from further decline. Now, the quote is moving around this year's local low, where the level of 1.1430 serves as support.

The GBP/USD pair has entered a correction stage after an intense decline, where the pivot point is 1.3350. Despite the temporary change of trading interests, the downward cycle from the beginning of June is considered the main one in the market.

November 15 economic calendar:

Monday is traditionally accompanied by an absolutely empty macroeconomic calendar. Therefore, special attention is paid to the information flow and technical analysis.

Trading plan for EUR/USD on November 15:

It can be assumed that the pullback may be replaced by a full-size correction if the quote rises above the level of 1.1470. This will lead to a movement towards the range of 1.1500-1.1530.

The downward scenario will be relevant again if the price remains below the 1.1400 level for a four-hour period.

Trading plan for GBP/USD on November 15:

Here, traders trade according to a corrective scheme, but the downward interest is still considered the main one in the market. Therefore, the return of the price below the level of 1.3400 will lead to an increase in the volume of short positions, which will open the way to update the local low.

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.