Stay 
Trading Conditions
Products
Tools
Monday, as usual, was accompanied by an empty macroeconomic calendar. Important statistical data were not released in the European Union, the United Kingdom, and the United States.
The EUR/USD currency pair slightly strengthened during the price pullback, but no radical changes occurred.
The GBP/USD pair formed a stagnation zone near the base of the downward trend. This price move indicated traders' prevailing interest in short positions, despite the clear oversold signal for the pound sterling.
Today, data on inflation in the EU is expected to be published. However, since these are final figures, market reaction is unlikely unless they deviate significantly from the preliminary estimate.
To initiate the primary stage of the euro's recovery, it is necessary to first ensure that the price remains above the level of 1.0700. In that case, there is a potential for strengthening long-term positions with a target of reaching the level of 1.0750.
Regarding a more negative scenario, for the continuation of the current decline, it is sufficient for the price to remain below the level of 1.0650, which would increase the chances for sellers of further decline.
The current period of stagnation may serve as a temporary pause for regrouping forces in the market, and speculative price movements may occur after its completion. In case of further decline, sellers should pay attention to the support level in the range of 1.2300/1.2350, within which a reduction in short positions may occur. This could lead to a partial recovery of the pound's exchange rate.
However, a technical signal for the continuation of the downward cycle, along with signs of changes in medium-term interests, may emerge if the price remains below the level of 1.2300 during the daily period.
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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
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 Instant Trading EU Ltd 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?
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.
