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The macroeconomic calendar for trading instruments was empty despite the publication of inflation data in Australia and New Zealand and the meeting of the Bank of Canada. Important statistics in Europe, the United Kingdom and the United States were not published.
The EURUSD currency pair managed to restart long positions. As a result, the quote came close to the local high of the upward cycle of January 23.
The GBPUSD currency pair returned to the area of the local high of the upward cycle during the price rebound from the 1.2300 level. This indicates an upward trend among traders in the market, which does not allow the price to move into a full-blown correction for the pound sterling.
Thursday's main event is the first estimate of the U.S. GDP in the fourth quarter of last year, which should reflect the slowdown in economic growth. This may again indicate clear signs of the U.S. economy sliding into recession, which is detrimental to the U.S. dollar.
At the same time, weekly data on jobless claims will also be released, which overall rate is estimated to remain at the same level.
Statistics details:
Continuing claims for benefits may decline by 7,000 from 1.647 million to 1.640 million.
Initial claims for benefits may rise by 7,000 from 190,000 to 197,000.
Time targeting:
U.S. GDP – 13:30 UTC
U.S. Jobless Claims – 13:30 UTC
For the subsequent growth of the volume of long positions on the euro, it is necessary to see the price holding above the value of 1.0940 at least in a four-hour period. In this case, there will be a prolongation of the medium-term upward trend as a result of movement towards the 1.1000 psychological level.
As an alternative scenario, traders consider a price rebound from the local high, following the example of January 23.
In this situation, to prolong the medium-term upward trend, it is necessary for the price to hold above 1.2440 for at least a four-hour period. This step will open the way to at least 1.2500.
Otherwise, the area of 1.2440 will be won back by the market as resistance, which will lead to a price rebound.
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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