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If we take the issue literally, then the euro demonstrated amazing activity yesterday. It rapidly grew at the time when the European session opened, then it went down when US macroeconomic reports were released. And then it grew again. All in all, impressive maneuvers. But the scale of all these movements can only cause laughter. They are so modest that they fit well into the concept of statistical error. Nevertheless, two interesting points are noteworthy. First, the euro is steadily growing, although the information background is completely empty. Consequently, investors prefer it over the dollar, which means that they do not believe in the bravado of the Federal Reserve that there are no problems with inflation in the United States. From the point of view of investors, there are, and some others. Secondly, the euro's growth was not assertive, since even insignificant data, which came out better than forecasted, instantly led to its weakening. In particular, the house price index showed an acceleration in the growth rate of prices from 12.0% to 13.3%, instead of 12.1%. The sales of new homes, which were supposed to decline by 10.0%, decreased by only 5.9%. All this suggests that if inflation in the United States really slows down, then we will see a sharp reversal, and which will resemble a panic sell-off of the common European currency. Nevertheless, the macroeconomic calendar is completely empty until tomorrow, which means that we can expect the euro to rise further. Albeit in an incredibly humble manner.
New Home Sales (United States):
Yesterday, the EURUSD pair managed to overcome a fairly strong resistance level in the face of the 1.2250 value, which personified the price peaks from February 25, May 19 and 21.
The market dynamics has an indicator close to the daily average, but in this case, the most important indicator is the growth of the euro exchange rate during the last three trading days, which may signal an inertial movement.
If we proceed from the quote's current location, then we can see the swinging range within the 1.2250 mark, with a deviation of about 15 points.
In this situation, it can be assumed that the inertial upward move can be prolonged to new price levels, but to confirm the theory, market participants need to update the previous day's local high at 1.2266.
From the point of view of a comprehensive indicator analysis, we see that the indicators of technical instruments unanimously signal a buy, due to the breakdown of the 1.2250 level.
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