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The macroeconomic calendar was empty, which means the absence of important statistical data usually published in Europe, the United Kingdom, and the United States. In such situations, market participants may pay special attention to other sources of information, such as news, statements from central bank representatives, or political events that can influence financial markets. The absence of important statistical data can lead to more active reactions to such information and increased speculative activity.
The temporary pause on the EUR/USD pair led to an increase in long positions. As a result, the quote resumed its rise, indicating a process of euro recovery relative to the recent correction.
The GBP/USD currency pair started the new trading week with a significant decline. However, this speculative move did not lead to anything radical, as a recovery process emerged almost immediately, indicating a prevailing bullish sentiment among market participants.
UK labor market data was published at the opening of the European session, which turned out to be significantly better than forecasts. The unemployment rate was anticipated to rise from 3.9% to 4.0%, but it, instead, decreased to 3.8%. At the same time, employment in the country increased by 250,000 in April, surpassing the forecast of 150,000. The number of jobless claims declined by 13,600, while a growth of 21,400 was projected.
The British pound reacted with growth in response to the positive statistics.
Stable price holding above the 1.0800 level may indicate a subsequent increase in the volume of long positions. This, in turn, will lead to further recovery of the euro exchange rate.
It can be assumed that maintaining the price above the 1.2600 level will lead to movement towards the local high of the medium-term trend, allowing for the possibility of its renewal.
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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