Tips for beginner traders in EUR/USD and GBP/USD on April 28, 2022
Yesterday was a rather boring day in terms of macroeconomic statistics due to the lack of significant statistical data for the market. The only thing that was published was the index of pending home sales in the United States, which was of little interest to anyone.
Economic calendar for April 28
The first estimate of the US GDP for the first quarter is expected today. The data may reflect a significant slowdown in economic growth, which will lead to a weakening of dollar positions.
At the same time, weekly data on jobless claims will be published, which is predicted to reduce in volume. This is a positive factor for the US labor market.
Statistics details:
The volume of continuing claims for benefits may be reduced from 1.417 million to 1.403 million.
The volume of initial claims for benefits may be reduced from 184,000 to 180,000.
Time targeting
US GDP - 12:30 UTC
US Jobless Claims - 12:30 UTC
Trading plan for EUR/USD on April 28
The level of 1.0500 plays the role of a support in the market, which may lead to a reduction in the volume of short positions. As a result, a technical pullback or a full-size correction is allowed. At the same time, the inertia-speculative behavior of traders allows a breakdown of the control level, where the signal of oversold will be ignored by market participants. In this case, holding the price below 1.0500 in a four-hour period will lead to the subsequent weakening of the euro towards 1.0350.
Trading plan for GBP/USD on April 28
A stable holding of the price below the level of 1.2500 may lead to a subsequent increase in the volume of short positions. The signal about the oversold pound sterling can be ignored by speculators, who are focused on the inertial move.
The technical correction scenario is still being considered by traders, but in order to confirm it, the quote first needs to determine the pivot point.
Note that the values of 1.2500, 1.2250, and 1.2000 are considered as variable pivot points.
Yesterday was a rather boring day in terms of macroeconomic statistics due to the lack of significant statistical data for the market. The only thing that was published was the index of pending home sales in the United States, which was of little interest to anyone.
Economic calendar for April 28
The first estimate of the US GDP for the first quarter is expected today. The data may reflect a significant slowdown in economic growth, which will lead to a weakening of dollar positions.
At the same time, weekly data on jobless claims will be published, which is predicted to reduce in volume. This is a positive factor for the US labor market.
Statistics details:
The volume of continuing claims for benefits may be reduced from 1.417 million to 1.403 million.
The volume of initial claims for benefits may be reduced from 184,000 to 180,000.
Time targeting
US GDP - 12:30 UTC
US Jobless Claims - 12:30 UTC
Trading plan for EUR/USD on April 28
The level of 1.0500 plays the role of a support in the market, which may lead to a reduction in the volume of short positions. As a result, a technical pullback or a full-size correction is allowed. At the same time, the inertia-speculative behavior of traders allows a breakdown of the control level, where the signal of oversold will be ignored by market participants. In this case, holding the price below 1.0500 in a four-hour period will lead to the subsequent weakening of the euro towards 1.0350.
Trading plan for GBP/USD on April 28
A stable holding of the price below the level of 1.2500 may lead to a subsequent increase in the volume of short positions. The signal about the oversold pound sterling can be ignored by speculators, who are focused on the inertial move.
The technical correction scenario is still being considered by traders, but in order to confirm it, the quote first needs to determine the pivot point.
Note that the values of 1.2500, 1.2250, and 1.2000 are considered as variable pivot points.