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Data on the third estimate of Eurozone GDP for the fourth quarter were published. As expected, the figures confirmed the acceleration of economic growth from 3.9% to 4.6%. Due to the fact that the data coincided, the market did not react to them in any way.
During the strong depreciation of the euro against the U.S. dollar, the quote reached 1.0800, where there was a reduction in the volume of short positions and a technical pullback. Based on the general mood of the market, there is a strong downward trend, where dollar positions are considered the most comfortable for investors.
The British currency followed the market downwards, as a result of which the local minimum of the downward trend was updated. This step led to a local convergence of the price with the area of the psychological level 1.2950/1.3000/1.3050, where the downward cycle slowed down.
On the daily chart, there is a continuation of the downward trend from June 2021, where the sellers of the pound sterling still have great prospects.
Today, data on U.S. job openings and labor turnover survey, or JOLTS will be published, the volume of which is not expected to change in January. The main driver in the market is still the information and news background related to the current situation in the world.
Time targeting
U.S. Job Openings and Labor Turnover Survey (JOLTS) - 15:00 Universal time
Despite the pullback stage, the market, as before, is dominated by a downward mood among traders. Thus, the pullback may well turn out to be a regrouping of trading forces. This will lead to a reverse movement of the price to the level of 1.0800 with its possible breakdown.
In this situation, price stagnation in the form of consolidation within 1.3080/1.3135 may well serve for new price jumps. Holding the price below 1.3080 will touch the level of 1.3000. While holding the price above 1.3135 may cause a technical pullback.
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.
Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.
The up/down arrows are the reference points of the possible price direction in the future.
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