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Monday, as usual, was accompanied by an empty macroeconomic calendar. There were no significant statistical data publications in the European Union, the United Kingdom, and the United States.
The EUR/USD currency pair opened the new trading week with an upward rally during which the resistance zone of 1.0600/1.0620 was broken. As a result, the euro's value increased by approximately 0.8%.
The GBP/USD currency pair also followed the market and began an upward movement. The support level at 1.2150 serves as a reference, and the exchange rate increased by about 1% relative to this level.
At the beginning of the European trading session, data on the labor market in the United Kingdom were published. The main focus was on the unemployment rate, which turned out to be 4.2%, lower than the expected 4.3%.
In addition, preliminary data on business activity in the manufacturing sector of Europe, the United Kingdom, and the United States are also expected today, which is sure to attract the attention of speculators.
At the moment, the euro is already showing signs of overbought conditions in the intraday period. Nevertheless, during momentum movements, speculators may disregard this technical signal, which could lead to the absence of a corrective pullback in the near future and a continuation of the exchange rate's rise.
In the case of further growth, there is the possibility of moving towards the resistance level of 1.2350. However, it's worth noting that due to the current overbought condition of the intraday market, a pullback is possible, although speculators may ignore it, considering the momentum movement. Despite this, the resistance area at 1.2350 may be a significant level for buyers.
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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