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On Friday, the macroeconomic calendar was empty. No important statistical data for Europe, the United Kingdom, and the United States were published.
EUR/USD ended the past week in a stagnation just below the 1.1250 level. This price movement may indicate a possible reduction in long positions on the euro.
GBP/USD continued its momentum and almost reached the 1.3150 mark, where a reduction in the volume of long positions occurred. This led to stagnation and a possible price correction.
Monday is traditionally accompanied by an empty macroeconomic calendar. No important statistical data is expected to be published in the European Union, the United Kingdom, and the United States.
In this regard, investors and traders intend to rely on incoming news and information flow.
Despite the clear technical signal of overbought conditions, the euro continues its upward momentum. Holding the price above the 1.1250 level could lead to further growth, ignoring technical signals about overheating of long positions.
Regarding the price correction scenario, holding the price below the 1.1200 level may contribute to an increase in short positions. In that case, the upward trend will temporarily be interrupted, and a price correction is possible.
Considering the overbought nature of long positions on the British pound, it can be assumed that the correction may enter an active phase and lead to a weakening of the exchange rate to the 1.3000 level. However, it is worth noting that speculators have the ability to ignore technical signals, and if the price remains above the 1.3150 level, it may lead to a continuation of the upward momentum.
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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