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No macroeconomic events are scheduled for Monday, so the market will have little to focus on. We are most likely in for a quiet day with minimal price changes. Again, this is a good opportunity for both pairs to correct, but at the moment, neither has managed to break through its trendline.
Among the fundamental events on Monday are speeches by Federal Reserve representatives Lorie Logan and Neel Kashkari. However, what can we expect from the representatives of the U.S. central bank if no new economic data has been released to the market or the Fed recently? We believe that the FOMC officials will not provide any significant insights to the market, similar to their colleagues on Friday. They will speak late in the evening, and no exciting events or reports are planned during the day.
During the first trading day of the new week, the euro and the pound have the potential to resume their declines. If both currency pairs bounce off their trendlines, a renewed decline will likely occur. However, volatility is expected to remain low, and the movement may resemble a flat market. Remember that in a flat market, most signals tend to be false. Therefore, even breaking through trendlines cannot be considered a guarantee of further growth.
Support and Resistance Price Levels: These levels serve as targets when opening buy or sell positions. They can also be used as points to set Take Profit levels.
Red Lines: These represent channels or trend lines that display the current trend and indicate the preferred trading direction.
MACD Indicator (14,22,3): The histogram and signal line serve as a supplementary indicator that can also be used as a source of trading signals.
Important Speeches and Reports (always found in the news calendar) can significantly impact the movement of a currency pair. Therefore, trading should be done with maximum caution during their release, or you may choose to exit the market to avoid a sharp price reversal against the preceding movement.
For Beginners Trading on the Forex Market: It's essential to remember that not every trade will be profitable. Developing a clear strategy and practicing money management is key to achieving long-term success in trading.