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The market was at a standstill yesterday partly because of a completely empty macroeconomic calendar and partly because of the weekend in the United States. Despite the fact that it is no longer a holiday in the United States, the standstill is still likely to continue. No matter how you look at it, the macroeconomic calendar is still empty. However, this is not the main reason for the lack of any activity. Investors do not intend to take risks ahead of tomorrow's publication of inflation data in Europe and the subsequent meeting of the board of the European Central Bank. Which will take place only on Thursday. However, according to forecasts, deflation in Europe has been going on for five months in a row and the last four months, its dynamics are unchanged. In fact, if these forecasts are confirmed, the European Central Bank has no choice but to further ease monetary policy. This situation is not very encouraging. It is concerning. So it is not surprising that investors have clearly taken a wait-and-see attitude.
The EURUSD currency pair is moving along the correction trajectory. From the peak of the medium-term uptrend of 1.2349, it reached the local minimum of December 9 at 1.2059 where there was a slowdown and as a result, a pullback.
The market dynamics declined in comparison to the previous week which indicates a decrease in speculative activity.
If we proceed from the current position of the quote, we can see that it is moving in the rollback stage. But there is an assumption that the quote will still return to the base point.
Considering the trading chart in the daily period, it is worth highlighting that the market is still in a medium-term uptrend. At the peak, a correction formed.
It can be assumed that the maximum of the pullback may be at the level 1.2110. There will be a reverse move in the direction of 1.2060. A decrease in dynamics can lead to a time amplitude along the rollback width.
Based on the complex indicator analysis, we see that the technical instruments indicators signal "sell", reflecting the movement of the corrective pattern.
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