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The economic calendar was traditionally empty on Monday. No important reports were published in the EU, the United Kingdom, and the Unites States.
The EURUSD currency pair, after another update of the local high of the upward trend, reached the value of 1.0927, relative to which a pullback occurred. Despite the reduction in the volume of long positions in the euro, the upward mood still prevails in the market.
The GBPUSD currency pair has been moving within the 1.2300/1.2440 range for the third trading day in a row, which may indicate the process of accumulation of trading forces. It is worth noting that the current stagnation occurred at the peak of an upward trend.
Today, the publication of the preliminary data on the business activity is expected. Europe and the UK are expecting positive data, which may play on the euro and pound sterling exchange rate. While in the U.S., the data may be worse, which could have a negative impact on the USD.
It is worth noting that the figures may differ from the forecast, in which case we will see a backlash in the market.
Time targeting:
EU PMI – 09:00 UTC
UK PMI – 09:30 UTC
U.S. PMI – 14:45 UTC
For the resumption of the upward cycle on the euro, the quote should return above 1.0900 during the four-hour period. In this case, a new round of growth in the volume of long positions is possible, which will update the local high.
As for the downside scenario, the prolongation of the current pullback may occur if the price holds below 1.0840. This step may open the way for sellers towards the level of 1.0800.
In this situation, the most optimal tactic is the outgoing momentum method. In which a breakdown of this or that boundary of the stagnation can indicate the subsequent path of the price.
Let's concretize the above:
A downward move will be relevant if the price holds below the level of 1.2300 in a four-hour period. This step can lead to the formation of a full-blown correction.
An upward movement in the currency pair will be considered in case of a stable holding of the price above the value of 1.2450 in a four-hour period. This move will indicate a continuation of the upward trend.
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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