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The long weekend continues in Europe, so we expect a relatively quiet market. It's almost certain that the market will remain stagnant especially since the economic calendar is empty. So even American traders won't have much to grasp onto. Nevertheless, considering the overall scale of the dollar's growth over the past few days, the market is clearly due for a price correction. At least a local one. Maybe we can expect one by tomorrow. But even then, it's highly questionable. Investors will probably wait until Wednesday, as the eurozone inflation report will be published by then. After all, there are no important economic reports scheduled for release on Tuesday.
EUR/USD ended the past week by consolidating below the level of 1.0800, thus reflecting bearish sentiment among traders.
On the 30M, 1H and 4H charts, the RSI technical indicator is hovering in the lower area of 30/50, indicating an increase in selling volumes.
On the 4-hour chart, the Alligator's MAs are headed downwards, which corresponds to the direction of the downward cycle.
Falling below 1.0770 could indicate a new surge in the volume of short positions, pulling the euro towards the level of 1.0700. As for the alternative scenario, the price could also move along the level of 1.0800.
In terms of complex indicator analysis, indicators signal a downward cycle in the short term and intraday periods.
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