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The wave analysis for the GBP/USD pair remains quite complex. A successful attempt to break through the Fibonacci level of 50.0% indicated the market's readiness to build a downward wave.
Fed makes tough decision
The complexity of the situation when the economy is losing growth and inflation is rising, which is called stagflation, forced the Federal Reserve to act extremely cautiously yesterday.
EUR/USD: Simple trading tips for novice traders on May 2nd (US session)
Analysis of trades and trading tips for the European currency The first price test at 1.0704 in the first half of the day occurred when the MACD indicator had dropped.
GBP/USD: trading plan for the US session on May 2nd (analysis of morning deals). The pound was pushed below 1.2521
In my morning forecast, I highlighted the level of 1.2521 and planned to base market entry decisions on it. Let's look at the 5-minute chart and analyze what happened there.
EUR/USD. May 2nd. US statistics disappoint once again
The EUR/USD pair reversed in favor of the European currency on Wednesday and began a new upward movement, consolidating above the corrective level of 100.0%-1.0696. Thus, today, the uptrend.
GBP/USD: trading tips for beginners for European session on May 2
The price test of 1.2494 in the afternoon occurred at a time when the MACD indicator was just starting to move up from the zero mark, which confirmed the entry.
Trading plan for GBP/USD on May 2. Simple tips for beginners
Analyzing Wednesday's trades: GBP/USD on 1H chart The GBP/USD pair hardly moved on Wednesday, as it was mostly stagnant throughout the day. Although the price settled below the ascending trendline.
Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Thursday May 02 2024.
Even though currently on the 4-hour chart the main EUR/USD currency pair is moving in a ranging/sideways condition, the condition of the 50 MA which is below.
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This section is updated daily and contains market analysis prepared by professional analysts on behalf of InstaForex. Each of the specialists presents analytical reviews in accordance with his/her vision of the current situation on the foreign exchange and other markets. However, the outlooks below are neither recommendations nor instructions to any actions. They contain analysis of the current situation on financial markets. In some cases, analysts' opinions about current market conditions may differ.