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The US dollar was slightly under pressure from sellers on Tuesday, but this may be only a temporary regrouping of trading forces in the market. It is worth considering that the dollar index (DXY), which shows the ratio of the US dollar to a basket of six other major currencies: the euro, the yen, the pound sterling, the Canadian dollar, the Swedish krona and the Swiss franc, has recently shown strong growth. This is confirmed by the broad strengthening of the dollar's position in the currency market.
As for the economic calendar, Europe published its statistics on the third estimate of GDP for the fourth quarter, where the indicators exceeded the forecast. The economic decline slowed down to -4.9%, instead of accelerating from -4.3% to -5.0%. Although this might seem to be a small margin of error, this does not worsen the situation, which was noticed by the market right away. As a result, the value of the Euro currency locally strengthened.
In turn, the UK and the US did not release any statistics yesterday.
What happened on the trading chart?
The EUR/USD pair found a variable pivot point around the 1.1835 level, where a stop, followed by a pullback with a scale of 80 points, occurred. Given the continuous relevance of the correction move from the high of the mid-term trend among market participants, the recent pullback can be regarded as a regrouping of trading forces.
Following the Euro currency, the GBP/USD pair reflected a pullback in the market with a scale of just over 120 points from the support level of 1.3785. It should be noted that the pound is still highly overbought in the market, which can give confidence to sellers to further decline.
Trading recommendations of EUR/USD and GBP/USD on March 10, 2021
Today, the United States will publish its inflation data, which is expected to rise from 1.4% to 1.6% due to the revision of forecasts. Such optimistic forecasts may lead to the fact that the Fed may think about tightening the monetary policy. Everything is directed to the US dollar's growth.
USA 13:00 Universal Time - Inflation data
Looking at the current EUR/USD trading chart, one can see that the quote restores the volume of short positions relative to the recent pullback. Now, updating the correction low of 1.1835 may result in the euro's further weakening towards the 1.1750 level.
As for the current GBP/USD trading chart, it shows that the correction move from the high of the mid-term trend at 1.4224 is still relevant in the market, which indicates the possibility of a subsequent decline towards the level of 1.3750 in the near future.
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