empty
04.07.2024 11:06 AM
Trading plan for EUR/USD and GBP/USD on 04.07.2024

Looking at the economic reports, it seems strange for the dollar to weaken. The final data on business activity indices in the Eurozone turned out to be better than the preliminary estimates, but the same thing happened in the United States. However, we're talking about a decline in the Eurozone, while US indicators showed growth. Moreover, employment growth in the United States was much higher than expected. So it should have been logical for the dollar to rise.

The issue lies in the growing influence of political factors. The debates between Biden and Trump threw the Democratic Party and its supporters into a state of panic. Just yesterday, media outlets began publishing articles suggesting that Biden might withdraw his candidacy from the upcoming presidential election. This introduces a significant factor of uncertainty, which contributed to the dollar's weakness.

Today, the market will likely remain stagnant in observance of the Independence Day holiday in the US.

This image is no longer relevant

EUR/USD is showing a surge in the volume of long positions, so the pair has left the range of 1.0670/1.0750. As a result, the quote has locally risen above the 1.0800 level. In order to enter the next stage of growth, the price must settle above 1.0800, which could indicate a recovery process relative to the recent corrective cycle. Otherwise, the price could turn the other way and move towards the upper boundary of the previous range.

This image is no longer relevant

GBP/USD is experiencing a similar surge in the volume of long positions. The support level at 1.2600 serves as a base from which the price reversed. Buyers face a significant level at 1.2800, an area that has repeatedly acted as resistance.

Mark Bom,
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 June 20TH (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3475 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and examine what happened. A decline

Miroslaw Bawulski 15:31 2025-06-20 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 20th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1537 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 15:26 2025-06-20 UTC+2

How to Trade the GBP/USD Pair on June 20? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair traded with an upward bias. However, there were no clear or solid reasons for this movement. Recall

Paolo Greco 07:16 2025-06-20 UTC+2

How to Trade the EUR/USD Pair on June 20? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair attempted to extend its decline within the new downward trend, but the dollar's rally ended

Paolo Greco 07:16 2025-06-20 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 20: The Bank of England Follows the Fed's Lead

The GBP/USD currency pair continued its downward movement on Thursday, but only briefly. In the second half of the day, when the results of the Bank of England meeting were

Paolo Greco 07:16 2025-06-20 UTC+2

Trading Recommendations and Analysis for EUR/USD on June 20: Even the Fed Didn't Help...

On Thursday, the EUR/USD currency pair displayed a complete lack of activity, showing no inclination to trade or move. Despite the Federal Reserve meeting held the previous day, the market's

Paolo Greco 07:16 2025-06-20 UTC+2

GBP/USD: Trading Plan for the U.S. Session on June 19th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.3388 level and planned to make trading decisions based on it. Let's look at the 5-minute chart to see what happened

Miroslaw Bawulski 20:04 2025-06-19 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 19th (Review of Morning Trades)

In my morning forecast, I focused on the 1.1445 level and planned to make trading decisions based on it. Let's look at the 5-minute chart to understand what happened

Miroslaw Bawulski 19:58 2025-06-19 UTC+2

How to Trade the GBP/USD Pair on June 19? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair spent most of the day in a minimal upward movement, clearly awaiting the outcome of the Federal

Paolo Greco 06:34 2025-06-19 UTC+2

How to Trade the EUR/USD Pair on June 19? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair generally continued trading downward. However, the U.S. dollar only resumed its rise after the results

Paolo Greco 06:34 2025-06-19 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.