empty
30.01.2023 11:25 AM
EUR/USD and GBP/USD trading plan for beginners on January 30, 2023

Details of the economic calendar on January 27

The economic calendar was almost empty on Friday. No important reports were published in the EU, the United Kingdom, and the Unites States.

However, it was possible to highlight the U.S. Pending Home Sales Index, which grew by 2.5% in December. Despite the positive data, no one paid attention to them.

Analysis of trading charts from January 27

The EURUSD currency pair has been within the sideways movement of 1.0840/1.0930 throughout the past week. This amplitude indicates the process of accumulation of trading forces, where, in the light of upcoming economic events, it will be won back in the form of price leverage.

Despite the fact that the GBPUSD currency pair had a wider amplitude compared to EURUSD, in general terms, everything is the same. The borders of price fluctuations are clamped between the values of 1.2300 and 1.2440, where the quote has been moving for almost two weeks. In fact, this price movement, as well as for the euro, indicates the process of accumulation of trading forces. Otherwise, a full-blown correction would have already occurred in the market.

This image is no longer relevant

Economic calendar for January 30

The economic calendar is traditionally empty on Monday. No important reports are expected. But do not be discouraged as the heat will begin at the middle of the week: the results of the Fed meeting, followed by the ECB, the Bank of England, inflation in the EU, and U.S. Department of Labor report. We expect high volatility in the financial markets.

EUR/USD trading plan for January 30

In this situation, where there is a price movement looped in a sideways range, it is appropriate to work according to the method of breaking through one or another stagnation border. As a result, with a high degree of probability, an outgoing impulse will arise, which will lead to the completion of the flat, indicating the subsequent movement.

Based on the above, consider two possible scenarios:

The upward move will be relevant if the price holds above 1.0940 in a four-hour period. This move will lead towards the 1.1000 psychological level.

The downward move will be applied if the price holds below 1.0840 in a four-hour period. This move could initially push the euro towards 1.0800. After that, a transition to the full-blown correction stage is possible.

This image is no longer relevant

GBP/USD trading plan for January 30

Based on the fact that the flat still takes place in the market, the tactics of working by the method of breaking through one or another range boundary is considered the most optimal.

Let's concretize the above:

The downward move will be relevant if the price holds below the level of 1.2300 in a four-hour period. This step can lead to the formation of a full-blown correction.

The upward move is taken into account in case of a stable holding of the price above the value of 1.2450 in a four-hour period. This move will indicate a continuation of the upward trend.

This image is no longer relevant

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.

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

GBP/USD: Trading Plan for the U.S. Session on May 2nd (Review of Morning Trades)

In my morning forecast, I focused on the 1.3313 level and planned to make trading decisions from there. Let's take a look at the 5-minute chart and break down what

Miroslaw Bawulski 12:14 2025-05-02 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 2nd (Review of the Morning Trades)

In my morning forecast, I highlighted the 1.1337 level and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 12:06 2025-05-02 UTC+2

GBP/USD: Trading Plan for the European Session on May 2. Commitment of Traders (COT) Reports (Trade Review). The Pound in a Difficult Position

Several entry points into the market were formed yesterday. Let's look at the 5-minute chart and break down what happened. I highlighted the 1.3282 level in my morning forecast

Miroslaw Bawulski 07:53 2025-05-02 UTC+2

EUR/USD: Trading Plan for the European Session on May 2. Commitment of Traders (COT) Reports (Trade Review). The Dollar Reacts to Any Positive Data

Yesterday, several entry points into the market were formed. Let's look at the 5-minute chart and analyze what happened. In my morning forecast, I highlighted the 1.1320 level

Miroslaw Bawulski 07:53 2025-05-02 UTC+2

How to Trade the GBP/USD Pair on May 2? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair continued its downward movement, although the overall picture still closely resembles a sideways range. The British pound

Paolo Greco 06:31 2025-05-02 UTC+2

How to Trade the EUR/USD Pair on May 2? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair continued its downward movement and reached the 1.1275 level by the end of the day, which

Paolo Greco 06:31 2025-05-02 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 2: The Dollar Faces a Tough Test

The GBP/USD currency pair continued to correct downward following Monday's rally and against the broader uptrend. There was no reason to expect the kind of price action that ultimately unfolded

Paolo Greco 03:47 2025-05-02 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 2: Third Consecutive Day of Dollar Strength

The EUR/USD currency pair continued its mild upward movement on Thursday. The ongoing rise of the U.S. dollar looks strange, but strange price behavior has become the norm in recent

Paolo Greco 03:47 2025-05-02 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 1st (Review of the Morning Trades)

In my morning forecast, I focused on the 1.3282 level and planned to make entry decisions based on it. Let's take a look at the 5-minute chart and see what

Miroslaw Bawulski 18:42 2025-05-01 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 1st (Review of the Morning Trades)

In my morning forecast, I focused on the 1.1320 level and planned to make market entry decisions based on it. Let's take a look at the 5-minute chart

Miroslaw Bawulski 18:38 2025-05-01 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.