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The position of the US dollar weakened yesterday, which resulted in the slight growth of the euro and the pound.
There were no significant important statistics published in Europe and the UK. The United States, in turn, did not work at all due to the celebration of Martin Luther King Day. Due to this, there was a decline in trading volumes on exchange rates, which affected the activity of the market.
What happened on the trading chart?
Last Friday, the EUR/USD pair found a pivot point in the form of a local low (1.2059) from December 9 and a slowdown occurred near it. Moreover, a pullback formed due to the stopping and reducing of volume of short positions (sell positions).
The total volume of fluctuations was only 33 points during the previous day, which is considered a very low activity indicator.
It should be recalled that the euro has been in the correction stage from the local high of the mid-term upward trend since January 7.
The GBP/USD found a pivot point within the area of 1.3520 during the start of yesterday's European session. A slowdown occurred and as a result, the price returned to the level of 1.3610.
The indicated level is known as the variable base last week. In this case, it can play an alternative impact on market participants in the form of a resistance level. This kind of situation is called the mirror level in the market.
Trading recommendations on EUR/USD and GBP/USD for January 19, 2021
There is nothing worth noting today in terms of the economic calendar, as important statistics is not expected to be released. The only pleasant thing is that the United States is here today and this can cause an acceleration after the market stagnation.
Looking at the current trading chart of the EUR/USD pair, it can be seen that the pullback stage turned into a decline, which can result in a convergence of the price with the correction base, namely 1.2053.
The strongest price changes may occur after holding the price below 1.2050, which will lead to a decline towards the level of 1.2000.
As for the current trading chart of GBP/USD, it can be noticed that the level of 1.3610 puts pressure on buyers, which leads to a stop and a price reversal. If the sellers manage to completely rebound from the level of 1.3610, then we will head to yesterday's base of 1.3520.
The quotes need to stay below 1.3520 to continue the development of further decline, which will open the way to the local low (1.3450) on January 11.
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