FX.co ★ EUR/USD and GBP/USD: Trading plan for beginner traders on November 24, 2023

Details of the Economic Calendar on November 23

The preliminary assessment of business activity indices in the United Kingdom and the European Union was published, where the indicators turned out to be better than the most optimistic forecasts. As a result, the euro and the pound sterling strengthened.

The United States celebrated a holiday due to Thanksgiving Day, which, in turn, led to a decrease in trading volumes.

Analysis of Trading Charts from November 23

In an attempt to recover from the recent decline, the EUR/USD currency pair returned to the area around the level of 1.0900, where a stagnation was observed.

The GBP/USD pair updated the local high of the upward cycle but then formed a pullback. Despite the closure of long positions, there is a prevailing upward sentiment in the market.

Economic Calendar on November 24

Today, the preliminary assessment of business activity indices is expected to be published in the United States. However, it is a shortened working day in the USA today. For this reason, the market may ignore the statistical data and fully process them only on Monday.

EUR/USD Trading Plan for November 24

In this situation, price stabilization above the level of 1.0900 may indicate an increase in the volume of long positions on the euro, which, in perspective, may lead to the update of the local high of the upward cycle.

As for the downward scenario, maintaining the price below 1.0850 may lead to a prolonged correction cycle.

GBP/USD Trading Plan for November 24

Price stabilization above the level of 1.2550 will lead to the subsequent stage of growth, which, in turn, may indicate a recovery in the pound sterling's exchange rate relative to the decline in the period from July to September.

Regarding the downward scenario in the pullback structure, it will be relevant if the price returns below the value of 1.2500.

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.