empty
02.12.2022 10:15 AM
EUR/USD and GBP/USD trading plan and analysis for beginners on December 2, 2022

Economic calendar on December 1

The unemployment rate in the EU unexpectedly dropped in October to 6.5%, according to the data provided by Eurostat. Notably, analysts expected the indicator to stay at September levels of 6.6%.

The difference between expectations and actual figures was favorable to the euro.

In the North American trade, the weekly data on jobless claims in the US was published. A strong rise in continuing jobless claims put pressure on the US dollar. This is a negative factor for the US labor market.

Statistical data:

Continuing jobless claims increased to 1,608K from 1,551K.

Initial jobless claims dropped to 225K from 241K.

Overview of technical charts on December 1

For the first time since June this year, the euro has settled above 1.0500 against the US dollar. The current resistance level failed to withstand the pressure from strong bullish momentum. So, the euro buyers managed to change the market balance in their favor.

Following a strong upside movement, GBP/USD reached the resistance of 1.2300 and made a few attempts to break through it. This brought the quote to the levels last seen in June which indicates that bulls are strongly determined to change the medium-term trend.

This image is no longer relevant

Economic calendar on December 2

The key event of the week is considered the release from the US Bureau of Labor Statistics. The data is expected to have a strong impact on the market.

According to forecasts, the unemployment rate should stay unchanged at 3.7%. The number of new jobs in the non-agricultural sector is expected to reach 200K. This is a good result that may pave the way for a further decline in unemployment. There is every indication that the US dollar may still get support from the buyers unless the data is revised downwards. In this case, the greenback will continue to lose ground.

Timing

US Department of Labor report – 13:30 GMT

Trading plan for EUR/USD on December 2

If the price holds steady above the key level of 1.0500 on the daily chart, the euro may extend its upward movement. This scenario will indicate a change in the market sentiment in the medium term.

To activate an alternative scenario, the quote needs to return below 1.0500 on the daily chart.

This image is no longer relevant

Trading plan for GBP/USD on December 2

As the pound has gained more than 350 pips since Wednesday, it is hardly surprising that the technical signal is showing its overbought status on the D1 chart.

This makes a pullback or a flat movement very likely. As for the continuation of the uptrend, it will be relevant only if the price settles firmly above 1.2300 on the 4-hour chart.

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
Summary
Urgency
Analytic
Vladislav Tukhmenev
Start trade
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

Trading Recommendations and Trade Breakdown for GBP/USD on July 17: British Inflation Interests No One

On Wednesday, the GBP/USD currency pair continued to decline throughout most of the day, until an inexplicable surge in the evening. Recall that on Tuesday, the U.S. inflation report

Paolo Greco 03:21 2025-07-17 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 17: The Dollar Keeps Advancing

On Wednesday, the EUR/USD currency pair continued to trade downward, but in the evening it suddenly surged upward. Once again, there were no clear reasons or grounds for the pair's

Paolo Greco 03:21 2025-07-17 UTC+2

How to Trade the GBP/USD Pair on July 16? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD The GBP/USD pair also plummeted on Tuesday following the release of the U.S. inflation report. In recent weeks, the British pound

Paolo Greco 07:30 2025-07-16 UTC+2

How to Trade the EUR/USD Pair on July 16? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair plunged sharply on Tuesday following the release of the U.S. inflation report. As the saying goes, nothing foretold

Paolo Greco 07:30 2025-07-16 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 16. The Market Used Another Formal Factor

On Tuesday, the GBP/USD currency pair continued its downward movement. Although core inflation in the U.S. rose exactly in line with forecasts—and the core rate even accelerated less than expected—the

Paolo Greco 04:22 2025-07-16 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 16. U.S. Inflation Didn't Surprise but Confirmed Fears

For most of Tuesday, the EUR/USD currency pair continued to trade with minimal volatility, moving sideways. The Eurozone industrial production report showed a relatively strong reading

Paolo Greco 04:22 2025-07-16 UTC+2

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

Analysis of Monday's Trades 1H Chart of GBP/USD On Monday, the GBP/USD pair continued its downward movement. Recently, the euro and the pound have shown low correlation, as the euro

Paolo Greco 06:45 2025-07-15 UTC+2

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

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair formally continued its downward movement but in practice traded sideways with low volatility for the second

Paolo Greco 06:45 2025-07-15 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 15: The British Pound Shows Weakness

The GBP/USD currency pair continued its downward movement throughout Monday. Despite the absence of macroeconomic news in both the UK and the US, the market still found new reasons

Paolo Greco 03:58 2025-07-15 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 15: Euro Stuck Near a Key Level

The EUR/USD currency pair moved sideways throughout Monday. In our previous article, we anticipated that there wouldn't be a strong move on the first trading day of the week

Paolo Greco 03:58 2025-07-15 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.