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The dollar was under great pressure on Monday and the reason for it was the feud between the US and China. The Asian side dealt a powerful blow by suspending the import of American agricultural products into the country. Thus, China refuses a milder diplomatic strategy in a trade war and is ready to hold the blow in this battle of the Titans.
This afternoon, we are waiting for statistics on open vacancies in the United States JOLTS, the total number of which may decrease from 7,323 thousand to 7,317 thousand, which may put pressure on the US dollar for a while.
The EUR/USD pair surprised everyone with its recovery, 160% regarding the decline of the past week. Considering all of this from a bird's eye view, the daily chart, the downward trend as it was remains and a current correction, this is like a health pill in everything that happens. Analyzing the trading chart in general terms, we see that the oblong correction move caused with overheating of short positions and an information background led us to the already forgotten accumulation of 1,1250, which held the quote back in early July.
It is likely to assume that such a rapid strengthening of the euro, after all, but overheating long positions and the initial stagnation in a pullback, this is the least that we can see. Traders in this segment consider the fluctuation within the framework of 1.1180/1.1250, where in case the price is consolidated lower than 1.1180, we can talk about restoring bearish interest.
From the point of view of a comprehensive indicator analysis, we see that indicators in the short term have already unfolded in a downward phase, due to the stop of the quote and the subsequent pullback. Considering the intraday and medium-term periods, we see inflated upward interest, precisely due to the recent jump
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