Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on August 24

Trading recommendations for EUR / USD on August 24.

Analysis of transactions

Very weak data on Eurozone PMI led to a sharp drop in euro rate. It made traders resort to selling the EUR / USD pair, thereby decreasing its price in the market. The profit realized on such a move was more than 50 points.

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No important data is scheduled to be released today, so the market may remain within the current range all day. A slight increase in the euro could occur, but you need to understand that the market is on the side of the bears, so any rise in the pair will be perceived as a more convenient entry into sell transactions.

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  • Buy positions when the quote reaches a price level of 1.1816 (green line on the chart), targeting a rise towards the level of 1.1880. Take profit at the level of 1.1880.
  • Sell positions when the quote reaches the value of 1.1754 (red line on the chart), aiming a drop towards the price level of 1.1710. Target profit is the level of 1.1710.

Trading recommendations for GBP / USD on August 24.

Analysis of transactions

Sell transactions from the level of 1.3218 enabled the GBP / USD pair to reach a price level of 1.3133, thereby bringing about 90 points of profit. Surprisingly, data on the UK services sector did not drive the pound up as it does in normal times, as apparently, the coronavirus remains the main deterrent to the lack of response to good news.

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No important data is scheduled to be published today so the market may remain within the current range all day. However, the bulls will most likely try to raise the price of the GBP/USD pair again.

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  • Buy positions when the quote reaches the level of 1.3116 (green line on the chart), aiming for a rise towards a price level of 1.3197 (thicker green line on the chart). Take profit around the level of 1.3197.
  • Sell positions after the quote hits a price level of 1.3055 (red line on the chart), as a breakout of which will lead to a larger downward correction in the pound. Target profit will be the level of 1.2983.
The material has been provided by InstaForex Company - www.instaforex.com