Details of the economic calendar on May 19
Last Friday, the macroeconomic calendar did not contain significant statistical data for Europe, the United Kingdom, and the United States. However, speeches by several representatives of the ECB and the Fed were planned.
In his speech, Fed Chairman Jerome Powell once again highlighted the high level of inflation, stability in the banking sector, and the presence of tools to regulate the economy.
ECB President Christine Lagarde also pointed out the long path that needs to be taken to contain inflation.
Analysis of trading charts from May 19
The downward momentum in the EUR/USD pair slowed down near the 1.0750 level. Thanks to a clear technical oversold signal, a rebound occurred, and the quote rose above the 1.0800 level.
The GBP/USD pair partially recovered its lost positions last Friday, strengthening by approximately 0.5% in value.
Economic calendar on May 22
Today, the macroeconomic calendar does not contain significant statistical data for Europe, the United Kingdom, and the United States. However, a series of speeches by Fed representatives are scheduled.
Time targeting:
Speech by FOMC member Bullard - 12:30 UTC
Speech by Fed representative Logan - 13:00 UTC
Speech by FOMC member Barkin - 14:50 UTC
Speech by FOMC member Bostic - 14:50 UTC
EUR/USD trading plan for May 22
Stable price holding above the 1.0800 level allows for further growth in the volume of long positions on the euro. In this case, the quote may rise above the 1.0850 level, which will be the next stage in the process of the euro's recovery after a two-week correction.
As for the bearish scenario, its realization requires the quote to return below the 1.0750 level. In this case, a prolongation of the corrective movement may occur.
GBP/USD trading plan for May 22
Despite the observed price changes, a corrective movement still persists in the market. However, the situation may shift in favor of buyers if the quote holds above the 1.2500 level. In such a case, an increase in the volume of long positions may indicate the process of the pound's recovery after the recent correction. At the same time, there is a risk of subsequent decline to the 1.2350 level before maintaining such a position.
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.
