Analysis of the EUR/USD and GBP/USD currency pairs and trading recommendations for October 13

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Analysis of the EUR/USD and GBP/USD currency pairs and trading recommendations for October 13

Analysis of the EUR/USD and GBP/USD currency pairs and trading recommendations for October 13

Analysis of transactions in the EUR / USD pair

Short positions did not bring the expected profit yesterday, mainly because market volatility was rather low due the holiday in the US. Today though, pressure on the euro is gradually returning, thus, it is just right to expect a decline and new wave of sales in the EUR / USD pair.

Analysis of the EUR/USD and GBP/USD currency pairs and trading recommendations for October 13

Trading recommendations for October 13

Several reports regarding inflationary pressure will be published today (both in Germany and the US), and if these indicators come out worse than the forecasts, a harder pressure and further decline in the euro can be expected.

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  • Open a long position when the euro reaches a quote of 1.1808 (green line on the chart), and then take profit at the level of 1.1850. However, an upward move will occur only if good statistics are reported for the eurozone today.
  • Open a short position when the euro reaches a quote of 1.1785 (red line on the chart), and then take profit at the level of 1.1735.

Analysis of transactions in the GBP / USD pair

Long positions were not that profitable yesterday, as the upward movement from 1.3041 was no more than 15 points. Similarly, short positions also did not give profit, so as a result, traders had to exit the market with small losses.

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Trading recommendations for October 13

A report on the UK labor market will be published today, to which it is expected that the unemployment rate will rise, thereby increasing pressure on the British pound.

The persistent rise of coronavirus in the UK is also putting pressure on the GBP/USD pair.

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  • Open a long position when the pound reaches a quote of 1.3057 (green line on the chart), and then take profit around the level of 1.3100 (thicker green line on the chart).
  • Open a short position when the pound reaches a quote of 1.3030 (red line on the chart), and then take profit at least at the level of 1.2974. Poor performance on the UK labor market will most likely lead to a large drop in the GBP/USD pair.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/261424/