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After yesterday's throwing from side to side, which in the end did not lead to anything, today, market participants will be given the opportunity to finally decide on their plans for the near future. Although the forecasts for the United States GDP for the second quarter were revised upwards, it doesn't turn out much better. More recently, it was assumed that today's GDP estimates for the second quarter will show a slowdown in economic growth from 3.1% to 1.7%, and now they are only waiting for a slowdown to 1.8%. Simply put, no longer indescribable horror, but just a nightmare. So investors really have no reason to consider buying the dollar, and today we can finally see the long-awaited dollar correction. Unless of course the data does not present an unexpected surprise. But this is highly unlikely, since the data on industrial production for the period from April to June, clearly indicates a serious slowdown in the economy. Yes, and retail sales did not show such a significant growth, and their pace remained almost unchanged. So everything tells us that it's not worth waiting for a miracle in the form of an unexpected acceleration of GDP growth rates.
The EUR/USD pair did find support at a turning point of 1.1100, which reflects our strong range level in the market. If you go back a few steps, we see that the intensive downward movement strongly overheated short positions, and the pivot point as 1.1100, coupled with a strong information background, quickly unfolded the quote and as a result of the races that we see on the trading chart. We return to the current development and we see that over the past day two control points 1,1100/1,1180 were immediately touched, leaving tails in the form of shadows.
It is likely to assume the initial formation of the so-called accumulation within the limits of the existing values, but after which, due to the news background and the regrouping of trading forces, a jump is possible in terms of weakening the US currency. In any case, traders in the form of a safety net will analyze the current accumulation and its scope, since it is possible to stretch out pending orders.
From the point of view of a comprehensive indicator analysis, we see that bearish interest and recent jumps in recovery still hold downward interest in all major time periods. It should be understood that during the accumulation, the indicators on the minute charts may be jumping, and already at the time of release of the US data, the intraday timeframe will play, in terms of indicator analysis.
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