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Data on industrial production in the UK showed an increase from 0.4% to 2.3%. It is worth considering that these figures were for January, which means that they no longer matter in the current situation.
The EURUSD currency pair has restored the downward movement by more than half of the recent corrective movement. This move signals that dollar positions are again seen as the main ones in the market.
During an intense downward move, the GBPUSD pair reached the psychological level of 1.3000. This step led to the update of the local minimum of the medium-term trend, which cast doubt on the level of 1.3000.
Monday is traditionally accompanied by an empty macroeconomic calendar. Nevertheless, the massive information and news flow will continue to play a key role in the market.
It can be assumed that the downward sentiment will eventually lead traders to the recent pivot point of 1.0800, which will signal a prolongation of the medium-term trend in the market.
In this situation, the signal about the breakdown of the level of 1.3000 will come from the market the moment the price holds below 1.2950 in a four-hour period. This will lead to a continuation of the downward trend to new price levels.
An alternative scenario of market development will be considered by traders if the psychological level puts pressure on short positions. In this scenario, the quote will temporarily slow down the downward move.
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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