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The previous trading week closed with the general strengthening of dollar positions all over the currency market, which is due to the US dollar's strong oversold level for quite some time.
The EUR/USD pair managed to correct by more than 150 points. It is noteworthy that the quote is still at the high of the medium-term upward trend, where the existing downward trend is only a warm-up for sellers.
On the other hand, the GBP/USD pair is in the correction stage from the high (1.3702) of the medium-term upward trend since January 4, but the scale of the price change is only 200 points. To simply put it, the quote is still at the peak of an upward trend, which means that the pound sterling is strongly overbought.
For the economic calendar, the US Department of Labor report was published last Friday, where the statistics were not very pleasing.
The number of employed in the non-agricultural sector in December declined by 140 thousand, which is considered as one of the strongest declines since last spring. The unemployment rate, in turn, remained at 6.7%, although it was expected to rise to 6.8%.
The US dollar felt a slight pressure, and then followed by strengthening at the time this statistical data was published (13:30 Universal time). This is not entirely logical in terms of fundamental analysis, but justified in terms of technical analysis, which refers to the dollar's high level of oversoldness.
M15 chart of EUR/USD:
H1 chart of GBP/USD:
Trading recommendation for EUR/USD on January 11
There is no significant statistical data today, so the market will continue to move depending on technical factors.
If we analyze the current trading chart, it can be seen that the new trading week began with an active downward movement, which led to the price decline towards the level of 1.2166. If the previously set downward tact is maintained, sellers still have a chance of declining to the area of 1.2130, where the variable pivot point is located.
It is necessary for market participants to stay below the level of 1.2130 for the largest price change. In this case, the path will open in the direction of the range of 1.2060-1.2000.
Trading recommendation for GBP/USD on January 11
Statistics are not expected to be published in the UK as well as other countries. Therefore, the market will pay special attention to technical analysis.
If we analyze the current trading chart, it can be seen that the US dollar has strengthened by about 70 points since the opening of trading began. This is quite a lot, but it is still likely to further decline if the price is kept below the level of 1.3485.
There is a possible decline in the direction of the values of 1.3430-1.3350, given the pound's high level of overbought.
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