empty
29.01.2024 10:42 AM
EUR/USD and GBP/USD: trading plan for beginners on January 29

Details of economic calendar on January 26

The economic calendar lacked high-impact data on Friday.

Review of charts on January 26

EUR/USD reached the bottom of the correction cycle accompanied by pronounced speculative activity.

The GBP/USD pair had been trapped within the sideways channel between 1.2600 and 1.2800 for the seventh week in a row. There is periodic speculative activity, but special attention is paid to the middle level of the sideways channel at 1.2700.

This image is no longer relevant

Economic calendar on January 29

Traditionally, the new trading week begins with the empty economic calendar. This is common for Monday. Nevertheless, this week is going to be jam-packed with major events. Two central banks are holding policy meetings. As for macroeconomic data, the market will get to know inflation data for the EU and the US nonfarm payrolls for January.

Trading plan for EUR/USD on January 29

The extension of the downward correction indicates the overall bearish interest among market participants. However, as before, the level of 1.0800 serves as an obstacle for the sellers, which, according to technical analysis, can put pressure on short positions. Thus, the downward cycle is limited to this level, which means some uncertainty in market sentiment. If the price settles below 1.0800 during the day, traders may add short positions.

This image is no longer relevant

Trading plan for GBP/USD on January 29

The median level acts as an indicator of trading interest within the sideways channel. Price stabilization below this level may be followed by a movement towards the lower border of 1.2600. However, all price fluctuations so far fit within the current corridor, which, is still in the making according to technical analysis. A priority strategy among market participants is trading during a breakout of one of the borders of the sideways channel.

This image is no longer relevant

What's on charts

The candlestick chart type consists of graphic rectangles in white and black with lines at the top and bottom. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time period: opening price, closing price, maximum and minimum price.

Horizontal levels are price coordinates relative to which a price may stop or revered its trajectory. In the market, these levels are called support and resistance.

Circles and rectangles are highlighted examples where the price developed. This color highlighting indicates horizontal lines that may put pressure on the price in the future.

Up/down arrows are guidelines for a possible 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

EUR/USD: Trading Plan for the U.S. Session on April 14th (Analysis of Morning Trades)

In my morning forecast, I highlighted the level of 1.1393 and planned to make entry decisions based on it. Let's look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 18:47 2025-04-14 UTC+2

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

Analysis of Friday's Trades 1H Chart of GBP/USD On Friday, the GBP/USD pair also continued its upward movement. The reasons are the same as for the EUR/USD pair. The entire

Paolo Greco 06:08 2025-04-14 UTC+2

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

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair generally continued upward movement. And why would it stop? The trade war between the U.S

Paolo Greco 06:08 2025-04-14 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 14: The Pound – The Silent Leader

The GBP/USD currency pair continued trading higher on Friday, although the dollar avoided substantial losses this time. Even though one day without a complete dollar collapse may seem significant

Paolo Greco 03:33 2025-04-14 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 14: The Dollar Continues to Collapse

On Friday, the EUR/USD currency pair continued its ultra-strong rally—something no one was surprised by anymore. U.S. and China reciprocal tariffs continue to rise, while all other news remains irrelevant

Paolo Greco 03:33 2025-04-14 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 11th (Review of the Morning Trades)

In my morning forecast, I highlighted the level of 1.2986 and planned to make market entry decisions from that point. Let's take a look at the 5-minute chart and break

Miroslaw Bawulski 18:18 2025-04-11 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 11th (Review of the Morning Trades)

In my morning forecast, I focused on the 1.1336 level and planned to make market entry decisions based on it. Let's take a look at the 5-minute chart and analyze

Miroslaw Bawulski 18:15 2025-04-11 UTC+2

How to Trade the GBP/USD Pair on April 11? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD Over the past 24 hours, the GBP/USD pair moved up by 170 pips. During the night into Friday, the pound sterling continued

Paolo Greco 06:04 2025-04-11 UTC+2

How to Trade the EUR/USD Pair on April 11? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair resumed its upward movement and posted a gain of more than 300 pips. As Friday began

Paolo Greco 06:04 2025-04-11 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 11: Trump Raises Tariffs on China Again

The EUR/USD currency pair showed ultra-strong growth on Thursday—a move that, by now, probably surprised no one. Just as we reported that tariffs on China had been raised to 125%

Paolo Greco 03:28 2025-04-11 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.