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The macroeconomic calendar was conditionally empty. Important statistics for the UK, Europe and the United States were not released.
For this reason, investors and traders monitored the incoming information flow: Federal Reserve Chairman Jerome Powell gave a speech at the event hosted by the Swedish central bank in Stockholm.
The main points of his speech:
- Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy
- The Fed seeks to focus on set goals, to stick to our principles.
- The Fed will not use its tools to promote a greener economy.
- The Fed has already used its tools innovatively during recent crises.
- The coronavirus pandemic exposed weaknesses in the non-banking sector.
The EURUSD currency pair formed a stagnation over the past day, which became a catalyst for trading forces in the market. In fact, the absence of a full-blown correction due to the technical signal of an overbought euro indicates a prevailing upward mood among market participants.
The upward cycle for the GBPUSD pair slowed the formation around the value of 1.2200. As a result, there was a pullback of about 90 points, which traders consider as a process of regrouping trading forces.
No important statistical data are scheduled to be published today.
For this reason, investors and traders will monitor the incoming information flow.
The price movement in a fairly narrow range of 1.0710/1.0760 is a temporary manifestation on the market. Presumably, the quote will soon come out of the stagnation. As a result, there will be an outgoing impulse.
The breakdown of a range boundary is considered to be an optimal strategy.
Let us concretize the above mentioned:
The upward scenario will be considered by traders in case the price holds above 1.770 in the four-hour period. This move will strengthen long positions, leading to an update of the local high of the upward cycle.
A downside scenario would be in play should the price hold below 1.0700 in the four-hour period, which could lead to a full-size correction relative to recent inertia.
The current pullback smoothly turned into stagnation along the level of 1.2150, which may become a leverage for new price spikes. From a technical analysis point of view, the subsequent increase in the volume of long positions in the pound sterling is expected after holding the price above the value of 1.2200. In this case, the inertial upward move will resume.
As for the downward scenario within the corrective move, for its consideration, it is necessary to keep the price stable below 1.2130 in a four-hour timeframe.
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.
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