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19.10.202008:42 Forex Analysis & Reviews: Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on October 19

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Analysis of transactions in the EUR / USD pair

The release of good US retail sales report decreased the demand for the European currency, so as a result, the quote stopped moving after rising by only 15 pips from the level of 1.1719.

Trading recommendations for October 19

Fed Chairman Jerome Powell has a scheduled speech today, during which he will talk about the US monetary policy, as well as the need for additional fiscal support to sustain economic growth. At the same time, ECB head Christine Lagarde will also deliver important statements today, and it could lead to increased pressure in the European currency.

Open a long position when the euro reaches a quote of 1.1731 (green line on the chart), and then take profit at the level of 1.1769.
Open a short position when the euro reaches a quote of 1.1688 (red line on the chart), and then take profit at the level of 1.1625.

Analysis of transactions in the GBP / USD pair

Boris Johnson once again criticized the EU and accused them of breaking the UK-EU trade agreement. As a result, long positions from the level of 1.2916 saw a 20-pip rise and profit in the GBP / USD pair, whereas short positions from the level of 1.2883 found losses.

Trading recommendations for October 19

Since there are no important statistics scheduled for release today, the attention of traders will be focused on Brexit negotiations, which, until, has not been settled yet. A bad news will continue the decline in the pair, whereas a good news, that is, when both parties finally sign an agreement, or if there is no news at all about it, the pound will rise against the US dollar in the market.

Open a long position when the pound reaches a quote of 1.2947 (green line on the chart), and then take profit around the level of 1.3006 (thicker green line on the chart).
Open a short position when the pound reaches a quote of 1.29153 (red line on the chart), and then take profit at least at the level of 1.2855. Bad news on Brexit, as well as the continuation of the downward trend, will continue the ongoing decline in the GBP/USD pair.

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