Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on October 15

Analysis of transactions in the EUR / USD pair

The euro traded in a narrow sideways channel yesterday, so as a result, both long and short positions did not give the expected profit in the EUR / USD pair. This lack of definite direction once again suggests that traders do not know which side to take, especially since authorities do not have a clear reaction yet on the emerging new coronavirus pandemic wave in Europe.

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Trading recommendations for October 15

A report on France's inflation rate will be released today, along with speeches by representatives of the European Central Bank. Its president, Christine Lagarde, will also make a statement, and if she hints of a possible easing of monetary policy, the pressure on the euro will return.

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  • Open a long position when the euro reaches a quote of 1.1769 (green line on the chart), and then take profit at the level of 1.1815.
  • Open a short position when the euro reaches a quote of 1.1739 (red line on the chart), and then take profit at the level of 1.1700.

Analysis of transactions in the GBP / USD pair

The pound, unlike the euro, gave large profits to traders yesterday, as its quote moved 45 pips down from the level of 1.2925, and went back up 60 pips, reaching the target level, which is 1.3026.

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Trading recommendations for October 15

Brexit negotiations shall continue today, and if the EU fails again to make concessions, the risk of a "Brexit without deal" will become as high as possible, which will lead to a collapse of the British pound. But if good news comes out, that is, finally reaching an agreement with regards to a trade deal, the pound will rise against the US dollar.

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  • Open a long position when the pound reaches a quote of 1.3049 (green line on the chart), and then take profit around the level of 1.3146 (thicker green line on the chart).
  • Open a short position when the pound reaches a quote of 1.2998 (red line on the chart), and then take profit at least at the level of 1.2905.
The material has been provided by InstaForex Company - www.instaforex.com