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It was a holiday in Europe yesterday, and for the most part, this was the reason why there was no market activity. The scale of the movements was purely symbolic. It is also worth noting that the euro and the pound went in different directions at the beginning of the day, but returned to their original values at the opening of the US session. However, we should not believe that the lack of activity in the market is due solely to the long weekend in Europe. Another factor is the completely empty macroeconomic calendar, so the market simply has nothing to cling to. And although some kind of data is being published in America today, it is not enough. The data on house prices and new home sales refer to secondary macroeconomic indicators, which means they are not capable of influencing anything. In addition, more significant indicators are not yet visible for almost the entire current week. The only exception will be Thursday.
Moreover, the data published today simply cancel each other out. On the one hand, the growth rate of housing prices may rose from 11.9% to 12.1%, while on the other hand, sales of new homes may fall by 10.0%. That is, prices are rising, and sales are declining. So, what's the point of all this? From the point of view of fundamental analysis, everything indicates that the market is entering a stagnation, and the euro and the pound will hang around the current values. This means that all movements will be determined solely by technical factors, but its scale will be extremely modest.
New Home Sales (United States):
The EUR/USD pair found a resistance level again within the price area of 1.2240, where a stop appeared on a natural basis. It can be assumed that there is a variable price bump, with a possible rebound towards the level of 1.2200.
The GBP/USD pair moves along a closed-loop trajectory, where each subsequent turn reflects a slowdown in the market. Relative to the current situation, an amplitude of 1.4115/1.4220 is observed.
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