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Many important macroeconomic events are scheduled for Wednesday, and all of them are important. Germany will release data on unemployment, inflation, and GDP. The Eurozone will publish its GDP figures, and the U.S. will release GDP data alongside the ADP report on private-sector employment. Today promises to be far from boring. It's challenging to expect strong support for the euro from European reports since GDP growth is unlikely to exceed forecasts, Germany's unemployment rate is not the most impactful metric, and a slight acceleration in German inflation is unlikely to affect the European Central Bank's plans. However, the U.S. reports in the afternoon could strongly influence market sentiment. Increased volatility can be anticipated today.
The only notable fundamental event on Wednesday is the speech by ECB's Isabel Schnabel. However, as mentioned, the ECB's strategy is clear: monetary policy easing will continue, and in December, rates are expected to decrease by another 0.25%. Therefore, it's unlikely that Schnabel will provide any groundbreaking information today. In any case, the market will closely watch the macroeconomic data.
The movement of both currency pairs will be entirely dependent on the macroeconomic backdrop for the third trading day of the week, making it difficult to predict outcomes in advance. We believe the euro is unlikely to gain support from European data, but U.S. reports could boost if they are similar to yesterday's JOLTs report. Thus, the euro and the pound are looking to the U.S. for potential support.
Support and Resistance Levels: Levels that serve as targets for opening buys or sells. Take Profit levels can be placed around these areas.
Red Lines: Channels or trend lines that indicate the current trend and the preferred trading direction.
MACD Indicator (14,22,3): Histogram and signal line—an auxiliary indicator that can also be used as a source of signals.
Major speeches and reports (always found in the news calendar) can significantly impact currency pair movements. Therefore, it's advised to trade cautiously or exit the market during their release to avoid sharp price reversals against prior movements.
Beginners trading on the forex market should remember that not every trade will be profitable. A clear strategy and money management are the keys to success in long-term trading.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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