empty
29.01.2024 10:42 AM
EUR/USD and GBP/USD: trading plan for beginners on January 29

Details of economic calendar on January 26

The economic calendar lacked high-impact data on Friday.

Review of charts on January 26

EUR/USD reached the bottom of the correction cycle accompanied by pronounced speculative activity.

The GBP/USD pair had been trapped within the sideways channel between 1.2600 and 1.2800 for the seventh week in a row. There is periodic speculative activity, but special attention is paid to the middle level of the sideways channel at 1.2700.

This image is no longer relevant

Economic calendar on January 29

Traditionally, the new trading week begins with the empty economic calendar. This is common for Monday. Nevertheless, this week is going to be jam-packed with major events. Two central banks are holding policy meetings. As for macroeconomic data, the market will get to know inflation data for the EU and the US nonfarm payrolls for January.

Trading plan for EUR/USD on January 29

The extension of the downward correction indicates the overall bearish interest among market participants. However, as before, the level of 1.0800 serves as an obstacle for the sellers, which, according to technical analysis, can put pressure on short positions. Thus, the downward cycle is limited to this level, which means some uncertainty in market sentiment. If the price settles below 1.0800 during the day, traders may add short positions.

This image is no longer relevant

Trading plan for GBP/USD on January 29

The median level acts as an indicator of trading interest within the sideways channel. Price stabilization below this level may be followed by a movement towards the lower border of 1.2600. However, all price fluctuations so far fit within the current corridor, which, is still in the making according to technical analysis. A priority strategy among market participants is trading during a breakout of one of the borders of the sideways channel.

This image is no longer relevant

What's on charts

The candlestick chart type consists of graphic rectangles in white and black with lines at the top and bottom. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time period: opening price, closing price, maximum and minimum price.

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

Circles and rectangles are highlighted examples where the price developed. This color highlighting indicates horizontal lines that may put pressure on the price in the future.

Up/down arrows are guidelines for a possible direction in the future.

Gven Podolsky,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

How to Trade the GBP/USD Pair on March 28? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair also traded higher—and quite strongly. Despite the release of a reasonably solid Q4 GDP report

Paolo Greco 06:05 2025-03-28 UTC+2

How to Trade the EUR/USD Pair on March 28? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair rose to the 1.0804 level on Thursday. Naturally, such an unexpected and relatively strong rise in the euro

Paolo Greco 06:05 2025-03-28 UTC+2

Trading Recommendations and Analysis for GBP/USD on March 28: The Pound Keeps Swinging

The GBP/USD currency pair showed a powerful upward movement on Thursday. Naturally, the catalyst was once again Donald Trump, who imposed new 25% tariffs on all automobile imports

Paolo Greco 02:47 2025-03-28 UTC+2

Trading Recommendations and Analysis for EUR/USD on March 28: Trump's Tariffs and GDP

On Thursday, the EUR/USD currency pair surged sharply without breaking the prevailing downtrend of recent days. Valid reasons contributed to the dollar's decline after Donald Trump announced new tariffs

Paolo Greco 02:47 2025-03-28 UTC+2

GBP/USD: Trading Plan for the U.S. Session on March 27th (Review of Morning Trades)

In my morning forecast, I focused on the 1.2916 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 17:56 2025-03-27 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 27th (Review of Morning Trades)

In my morning forecast, I focused on the 1.0769 level and planned to make trading decisions based on it. Let's take a look at the 5-minute chart and see what

Miroslaw Bawulski 17:53 2025-03-27 UTC+2

How to Trade the GBP/USD Pair on March 27? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair showed a downward movement that finally aligned with the macroeconomic backdrop. During the day, traders were interested

Paolo Greco 05:42 2025-03-27 UTC+2

How to Trade the EUR/USD Pair on March 27? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair continued its sluggish decline. The euro's depreciation is quite logical, although traders continue to ignore

Paolo Greco 05:42 2025-03-27 UTC+2

Trading Recommendations and Analysis for GBP/USD on March 27: Pound Dropped, but Nothing Has Changed

The GBP/USD currency pair traded lower on Wednesday. We had warned that the pair has recently been swinging like a pendulum. The pound was rising on Tuesday, so it could

Paolo Greco 03:06 2025-03-27 UTC+2

Trading Recommendations and Analysis for EUR/USD on March 27: The Market Is in No Hurry

The EUR/USD currency pair traded with minimal losses throughout Wednesday, while the overall trend on the hourly time frame remains bearish following the price's exit from the ascending channel

Paolo Greco 03:06 2025-03-27 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.