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The Euro did not show proper activity yesterday. The reason for the low dynamics lies in an empty economic calendar. So, the only thing that was published in the form of statistical data is inflation in Italy, which is at the level of deflation -0.3%. The indicator for individual EU countries, especially for Italy, is not interesting even for speculators, so the market was trading solely on the basis of technical analysis.
What happened on the trading chart?
The quote moved along the level of 1.1850, where there were local manifestations of activity, but they were only 10-35 points relative to the price level 1.1850. It is difficult to say whether there was any sense in trading operations that may not have been open for you, but even if trading orders were triggered at the end of the day, the quote remained unchanged, which means that the transactions were in the zero zone (not in profit or loss*).
Yesterday, the pound was somewhat similar to the previously described trading instrument. The dynamics had low activity, and there was no economic calendar for the UK and the US.
There is speculation that investors and speculators are waiting for new details from the Brexit issue, where an additional week of negotiations on a trade agreement between Britain and the European Union started on Monday.
In terms of technical analysis, things are not very interesting. Here, the resistance area of 1.3225/1.3235, where the quote came recently, affected the volume of long positions (buy positions), which resulted in a reversal. As mentioned above, the activity is insignificant. It was possible to earn, but only to a maximum of 50 points.
It is worth considering that the quote returned to where it all began at the end of the day. In particular, in the area of 1.3225/1.3235.
For the economic calendar, we have US data on retail sales, where their volume is expected to increase from 5.4% to 5.7%, which will have a positive effect on the US dollar. After that, you should pay attention to the volume of industrial production in the United States, where the rate of decline may slow down from -7.3% to -6.6%, which is quite good and may affect the dollar's strengthening.
Everything is still unchanged in terms of technical analysis. The quote fluctuates around the level of 1.1850, consolidating above and below it from time to time. In this case, it is worth taking a closer look at the price fixing points relative to the earlier fluctuations of 1.1840 and 1.1870. That is, keeping the price outside these coordinates can theoretically affect the volume of positions and the local move towards holding.
The following scenarios can be considered as possible perspectives and entry points:
- Buying a pair is recommended at a price above the level of 1.1875, with the prospect of moving to 1.1900.
- Selling a pair is recommended at a price below the level of 1.1840, with the prospect of moving to 1.1815.
Today, the economic calendar is focused only on US statistics. We consider the following:
13:30 Universal time - Volume of retail sales
14:15 Universal time - Volume of industrial production
At the same time, it is suggested to keep track of information regarding the negotiation process between England and Brussels regarding the Brexit trade deal. Any positive or negative information about the course of negotiations will affect the interest of speculators, which will lead to pound's growth or decline.
From the point of view of technical analysis, it is noteworthy that the quote fluctuates within the resistance area of 1.3225/1.3235 again, which may affect the volume of long positions (buy positions). This process can lead to a natural price rebound in the opposite direction, as it happened yesterday.
An alternative scenario of the market development will be considered if the price consolidates above the level of 1.3240 on the four-hour time frame. In this case, the resistance area is more likely to receive a breakout status, and this will attract buyers' attention.
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