empty
12.02.2024 10:10 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on February 12

Details of the Economic Calendar on February 9

At the end of last week, the macroeconomic calendar was relatively empty, with no publication of significant statistical data in the European Union, the United Kingdom, and the United States.

Analysis of Trading Charts from February 9

During the pullback, the EUR/USD currency pair returned to the previously passed level of 1.0800. The area of the local low in December serves as a support for sellers, where there has recently been an increase in the volume of long positions.

The weekly candle for the GBP/USD pair closed as a doji, indicating uncertainty in the future price movement trajectory. Similar to the situation with the euro, there is increased interest in long positions around the local low in December, and the quote is returning within the previously established sideways channel of 1.2600/1.2800.

This image is no longer relevant

Economic Calendar on February 12

Today, the macroeconomic calendar is practically empty, and only a small amount of important statistical data from Europe, the UK, and the United States is expected. However, several representatives of the European Central Bank (ECB) and the Federal Reserve are expected to give a speech, which, theoretically, could lead to increased volatility in financial markets depending on the content of their statements regarding interest rates and the economic situation.

EUR/USD Trading Plan for February 12

For further increase in the volume of long positions, the price must hold above 1.0800 during the current day. In that case, a subsequent stage of the euro's course recovery is possible. However, in a downward scenario, the level of 1.0800 may become resistance for buyers, and we may observe a new attempt to update the local low established in December.

This image is no longer relevant

GBP/USD Trading Plan for February 12

Maintaining the quote above the level of 1.2600 indicates that short positions are under pressure from buyers. In connection with this, the scenario of resuming the range of 1.2600/1.2800 remains relevant. Regarding the downward scenario, simply holding the level below 1.2600 is not sufficient; to confirm it, the quote needs to update the December low, reaching a value of around 1.2500.

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

How to Trade the GBP/USD Pair on May 15? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair continued its upward movement throughout Wednesday, despite the absence of any specific fundamental reasons. The day before, a U.S

Paolo Greco 06:21 2025-05-15 UTC+2

How to Trade the EUR/USD Pair on May 15? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair experienced upward movement for approximately half of Wednesday. The latest "surge" in the euro was particularly "impressive," although

Paolo Greco 06:21 2025-05-15 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 15: The Roller Coaster Begins

On Wednesday, the GBP/USD currency pair continued trading with an upward bias for some time, but it resumed its decline in the afternoon. From our perspective, the U.S. dollar

Paolo Greco 03:41 2025-05-15 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 15: Heading Down Again or Waiting for Trump?

The EUR/USD currency pair continued upward movement on Wednesday, but only briefly. In the afternoon, the euro started to decline, despite the lack of macroeconomic factors supporting such moves. Donald

Paolo Greco 03:41 2025-05-15 UTC+2

How to Trade the GBP/USD Pair on May 14? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair experienced significant growth, despite no clear catalyst behind it. On Monday, the dollar rose on specific grounds

Paolo Greco 06:11 2025-05-14 UTC+2

How to Trade the EUR/USD Pair on May 14? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair nearly fully recovered from Monday's decline. As reality has shown, strong reasons are required

Paolo Greco 06:11 2025-05-14 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 14: Even UK Unemployment Didn't Help...

On Tuesday, the GBP/USD currency pair easily recovered from the losses it experienced on Monday. Once again, we observe that the British pound rises more strongly than the euro

Paolo Greco 03:52 2025-05-14 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 14: The Circus Continues

The EUR/USD currency pair effortlessly regained most of Monday's losses. On Monday, it was reported that import tariffs between China and the U.S. had been reduced, which can legitimately

Paolo Greco 03:52 2025-05-14 UTC+2

How to Trade the GBP/USD Pair on May 13? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD On Monday, the GBP/USD pair also collapsed sharply, though it's more accurate to say the U.S. dollar showed strong growth. In recent

Paolo Greco 05:59 2025-05-13 UTC+2

How to Trade the EUR/USD Pair on May 13? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair plunged. Traders have likely gotten used to the idea that the U.S. dollar can't show strong

Paolo Greco 05:59 2025-05-13 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.