Trading recommendations for the EUR / USD pair on August 13
Analysis of transactions
The signal to buy the European currency from the level of 1.1755 worked positively yesterday, allowing more than 50 points of profit to be taken from the market. The growth came after the publication of good data on industrial production in the euro area and inflation in the United States.
Today, focus will be given to the upcoming data on German inflation, with which a good report will lead to a further rise of the European currency in the market. However, if the report on the US labor market, which will be published in the afternoon, comes out good or better than the forecasts, demand for the US dollar will resume, which will increase the price of the currency in the trading chart.
- Buy positions when the quote reaches a price level of 1.1819 (green line on the chart), targeting a rise towards the level of 1.1848. The increase may occur, after the release of a good inflation report in Germany. Take profit at a price level of 1.1848.
- Sell positions after the quote reaches the price level of 1.1788 (red line on the chart), targeting a drop to the level of 1.1747. However, such could only occur if data on the US labor market comes out better than the forecasts. Take profit at a price level of 1.1747.
Trading recommendations for the GBP / USD pair on August 13
Analysis of transactions
The quote neared the price level of 1.3063 several times but failed to test it, which did not lead to the formation of a buy signal to the pound. Nonetheless, sell deals took place after the quote passed the price level of 1.3023, but unfortunately, it did not lead to a larger fall in the GBP / USD pair.
Today, the report on weekly unemployment claims in the US will be published, a good data for which will increase pressure on the British pound and lead to a decline in the GBP / USD pair.
- Buy positions when the quote reaches a price level of 1.3074 (green line on the chart), targeting a rise to the level of 1.3127 (thicker green line on the chart). However, the quote will only increase if the data on the US labor market comes out worse than forecasts. Take profit at the level of 1.3127.
- Sell positions after the quote hits a price level of 1.3041 (red line on the chart), as a breakout of which will lead to a rapid decline in the pair. Support for it will come in the form of a good decrease in jobless claims in the US. The target level is 1.2986, where it is best to exit the market for good profit.
