empty
InstaForex - Official partner of Dragon Racing
InstaForex - Official partner of Dragon Racing
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
02.12.2020 10:18 AM
Trading recommendations of EUR/USD and GBP/USD pair on 12/02/20
Open trading account Open demo account

Past review of EUR/USD pair

The Euro showed high activity yesterday, which resulted in a breakdown of an important resistance level.

What was published on the economic calendar?

Initially, Europe's business activity index in the manufacturing sector was published, where a decline in the index from 54.8 points to 53.8 points was recorded, against the expected decline of 53.6. This was followed by inflation, which was the most important statistical indicator yesterday, where the rate of decline slowed down by one tenth – from -0.3% to -0.2%. It can be noticed that deflation has been maintained for four consecutive months.

Nevertheless, the price of euro is still growing, although Europe's data is not the best. So what is the reason for this inconsistency?

The answer to this question is the slowdown in the economic recovery in the United States in connection with the COVID-19 pandemic.

What happened on the trading chart?

The EUR/USD pair broke through an important resistance level of 1.2000 for the first time since the beginning of September, thus resuming the medium-term upward trend. Such an event is quite rare. It was also accompanied by the euro's rapid strengthening by more than 150 points per day.

It is worth considering that the US dollar was hit by sales outburst throughout the currency market.

Past review of GBP/USD pair

Yesterday, the pound did not lag behind its European counterpart which also showed a rapid upward interest.

What was published on the economic calendar?

In terms of the economic calendar, Britain's data on house prices were published, where an increase from 5.8% to 6.5% was recorded. In addition, the final data on the business activity index in the manufacturing sector was also released, which rose from 53.7 points to 55.6 points.

The market did not react despite positive statistics.

In fact, traders of the pound, as well as for the euro, were guided by the sale of the US dollar due to the weak condition of the US economy, which led to the strengthening of the pound's price.

What happened on the trading chart?

Initially, the quote followed within the lower border of the side channel 1.3300/1.3400, but a sharp reversal occurred after the start of trading in the United States, which led the quote back to the border of 1.3400, and then to its breakdown.

This image is no longer relevant

Trading recommendation for EUR/USD on December 2

Considering today's economic calendar, Europe's unemployment rate data will be released today, with a forecasted further growth from 8.3% to 8.5%, which may negatively affect the value of the euro.

In the afternoon, US employment data can be expected, where there is a forecasted growth by 370-400 thousand, which is very good and indicates the recovery of the US labor market.

If the forecast for employment growth in the US coincides, we can get local support for dollar positions.

EU 10:00 Universal time - Unemployment rate

USA 13:15 Universal time - ADP report on the employment level in the private sector for November

From a technical point of view, it can be seen how the quote formed a slowdown within the values of 1.2060/1.2080, but this is probably just a local stop. If the above-mentioned forecasted statistics coincided, then the dollar positions can gain support, which will return the quote to the previously overcame level of 1.2000.

This image is no longer relevant

Trading recommendation for GBP/USD on December 2

With regard to the economic calendar, UK statistics are not observed today, thus we should focus our attention on the statistics from the US.

In terms of technical analysis, it can be seen how the quote slowed down the upward movement after breaking through the upper border of the side channel 1.3300/1.3400. This led to a time amplitude of 1.3400/1.3440.

We can assume that the new stagnation will distribute the trading forces, and this will lead to new price surges in the market.

- Buying a currency pair at a price above 1.3440, with the prospect of moving to 1.3480 is recommended.

- Selling a currency pair at a price below 1.3390, with the prospect of moving to 1.3350 is recommended.

This image is no longer relevant

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
All Analytics
Technical analysis
EUR/USD. May 23rd. Smart Money System Analysis After the breakdown of the bearish structure, we witnessed a strong rally in the euro, which, as of now, cannot be considered complete. The new bullish structure remains intact
Samir Klishi
20:09 2025-05-23 +02:00
3265
Crypto-currencies
Bitcoin. May 23rd. Smart Money System Analysis Bitcoin continues to form a bullish trend structure. One could argue whether there are real reasons for a new bullish trend at the moment, but the chart suggests only that—unambiguously
Samir Klishi
20:04 2025-05-23 +02:00
2770
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • 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 23? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD The GBP/USD pair didn't even attempt a correction on Thursday. While the euro faced bearish pressure from weak business activity indices
Paolo Greco 05:58 2025-05-23 UTC+2

How to Trade the EUR/USD Pair on May 23? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair corrected to the nearest support level on the hourly timeframe, which was at 1.1267. Multiple factors
Paolo Greco 05:57 2025-05-23 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 23: Pound Prepares for a Historic Breakout

The GBP/USD currency pair broke out of its sideways channel through the upper boundary, but it is in no hurry to continue rising. Traders appear to be gathering momentum
Paolo Greco 03:43 2025-05-23 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 23: The Euro Couldn't Withstand the Pressure

On Thursday, the EUR/USD currency pair traded lower, which can be considered an exception to the general trend. Nearly all macroeconomic reports during the day were unfavorable for the euro
Paolo Greco 03:43 2025-05-23 UTC+2

How to Trade the GBP/USD Pair on May 22? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair maintained its upward trend on Wednesday, a movement that has developed over the past two weeks. Recall that
Paolo Greco 06:31 2025-05-22 UTC+2

How to Trade the EUR/USD Pair on May 22? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair continued its upward movement calmly and steadily. The price broke through the 1.1267 level, which
Paolo Greco 06:31 2025-05-22 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 22: The Pound Breaks Through Key Levels

The GBP/USD currency pair also resumed its upward movement on Wednesday. The rise of the British pound, which in reality still reflects the fall of the US dollar, began overnight
Paolo Greco 03:30 2025-05-22 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 22: Reasons Don't Matter and Aren't Needed

The EUR/USD currency pair resumed its upward movement on Wednesday, and it is now safe to say that the uptrend is present not only in the hourly timeframe but also
Paolo Greco 03:30 2025-05-22 UTC+2

How to Trade the GBP/USD Pair on May 21? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD The GBP/USD pair mainly traded sideways on Tuesday, but early Wednesday morning it surged upward. On the 4-hour timeframe, it's clear that
Paolo Greco 06:17 2025-05-21 UTC+2

How to Trade the EUR/USD Pair on May 21? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair traded sideways, but it resumed its upward movement early Wednesday morning. This indicates that the ongoing
Paolo Greco 06:17 2025-05-21 UTC+2

Top analytics

USD declares war on EUR
14:59 2025-05-23
Fundamental analysis
Relevance up to 06:00 2025-05-26 UTC--4
Gold Rebounds as Fiscal Risks Resurface
17:31 2025-05-23
Fundamental analysis
Relevance up to 12:00 UTC--4
Trading Signals for GOLD for May 23-27, 2025: sell below $3,360 (7/8 Murray - 21 SMA)
18:14 2025-05-23
Technical analysis
Relevance up to 12:00 UTC--4
Trading Signals for BITCOIN for May 23-27, 2025: sell below $108,700 (200 EMA - 21 SMA)
18:16 2025-05-23
Technical analysis
Relevance up to 05:00 2025-05-26 UTC--4
Update on US stock market on May 23. Correction underway
14:53 2025-05-23
Stock Markets
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

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.