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14.09.202311:00 Forex Analysis & Reviews: EUR/USD and GBP/USD: Trading plan for beginner traders on September 14, 2023

Details of the Economic Calendar on September 13

Inflation in the USA in August increased to 3.7%, surpassing the consensus forecast of 3.6%. The main reason for the acceleration was the rise in gasoline prices in August. Meanwhile, the growth of consumer prices excluding food and energy slowed down in August to the lowest level since September 2021, reaching 4.3% on an annual basis after rising by 4.7% in July, but these figures aligned with analysts' expectations.

Analysis of Trading Charts from September 13

The EUR/USD currency pair is in the midst of a pullback from the zone of interaction of trading forces within the range of 1.0650/1.0680. This movement did not lead to radical changes and eventually transitioned into a stagnant phase, indicating pressure from sellers.

The GBP/USD pair temporarily updated the local low of the downward cycle due to speculative price fluctuations. However, it failed to stay below the level of 1.2450 and subsequently returned to the original range of 1.2450/1.2550.

Exchange Rates 14.09.2023 analysis

Economic Calendar for September 14

The European Central Bank (ECB) will hold its monthly meeting today, where it will need to make a complex decision regarding monetary policy.

Traders have different views on whether the ECB will raise rates again or prefer to pause the tightening cycle, considering signals of economic growth slowdown. If the ECB decides to keep rates unchanged after the meeting, it may face criticism. Some may argue that the regulator is ending the fight against inflation too soon, while further rate hikes could exacerbate economic problems.

Following the announcement of the meeting's outcomes, ECB President Christine Lagarde will hold a press conference, and her comments may trigger speculations in financial markets.

Timetable

ECB Meeting Outcome - 12:15 UTC

ECB Press Conference - 12:45 UTC

EUR/USD Trading Plan for September 14

The closed cycle of fluctuations, limited within the range of 1.0700 to 1.0770, may be a phase of accumulation of trading forces, the completion of which could trigger market speculations. If the price is maintained above or below the specified boundaries, it may lead to the emergence of an impulsive movement. Within the upward scenario, the impulse may head towards at least the level of 1.0800 with subsequent strengthening of long positions. Within the downward scenario, an update of the current local low is possible.

Exchange Rates 14.09.2023 analysis

GBP/USD Trading Plan for September 14

In the current situation, traders are paying special attention to the temporary amplitude between the levels of 1.2450 and 1.2550. Holding the price above or below one of these levels may indicate the completion of a flat phase. This, in turn, can provide a technical signal regarding the direction of future price movement.

Exchange Rates 14.09.2023 analysis

What's on the charts

The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.

Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.

Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.

The up/down arrows are landmarks of the possible price direction in the future.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Gven Podolsky,
Analytical expert of InstaSpot
© 2007-2024
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