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Monday was traditionally accompanied by an empty macroeconomic calendar. Important statistics in Europe, the United Kingdom, and the United States have not been published.
The EURUSD currency pair accelerated its decline after holding the price below the support level of 1.0800. As a result, the euro rate rushed down by more than 110 points, confirming the signal about the prolongation of the medium-term downward trend.
The GBPUSD currency pair, during an active decline, reached the area of the local low of September 2020, at 1.2675/1.2720. This led to a reduction in the volume of short positions as a result of the price pullback.
Today, the focus will be on durable goods orders in the United States, which could rise by 1.0%. This is a positive factor for the growth of the dollar, as it indicates a subsequent increase in consumer activity and retail sales in the US.
Time targeting
US Durable Goods Orders - 12:30 UTC
During the active decline, there was a signal of local oversold of the euro in the short term. This led to a slowdown in the downward move around 1.0700.
An active stop or pullback will not lead to a violation of the integrity of the downward trend. Thus, sellers still have high chances for a subsequent decline towards the local low on March 23, 2020, at 1.0636.
At the moment, the market is undergoing a technical pullback stage due to overheating of short positions, as well as price convergence with the support area. The next round of the downward movement is expected at the moment the price holds below 1.2675 for at least a four-hour period. In this case, traders will receive another signal about the prolongation of the medium-term downward trend, where in the future the pound sterling may lose another 300–500 points from the value.
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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