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Monday, as usual, was accompanied by an empty macroeconomic calendar. No significant statistical data were published in the European Union, United Kingdom, or United States.
The EUR/USD exchange rate is in a pullback stage from the local low of the downward cycle. As a result of this movement, the quote rose above the 1.0800 level. This movement did not lead to significant changes in the structure of market cycles.
During the technical pullback, GBP/USD returned to the lower boundary of the previously surpassed sideways range of 1.2650/1.2800. After that, there was a significant price fluctuation in the area of the main level of the downward cycle.
Tuesday turned out to be almost the same as Monday, with the macroeconomic calendar remaining nearly empty. The only thing to note is the job opening statistics in the United States, where a slight reduction in their number is expected.
In this situation, the pullback might represent a stage of reshuffling short positions. If the price returns below the 1.0800 level, this could further increase the volume of short positions.
As for the bullish scenario, it may become relevant if the pullback transitions into a euro recovery stage after the previous drop. An initial signal of a potential increase in the volume of long positions may appear after the price stays above the 1.0850 level.
A price movement below the 1.2650 level may lead to an increase in the volume of short positions for the pound sterling. However, a primary price drop is expected once the price remains below the 1.2550 level.
A bullish scenario will be considered by market participants if the price consistently stays above the 1.2650 level. In such a case, a restart of the previously completed sideways amplitude is possible.
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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