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Even before the opening of the US trading session, the dollar began to steadily strengthen its positions, which is rather strange given the empty macroeconomic calendar. Just like today. In addition, there was also nothing in the news background that could somehow affect the development of events. Thus, what happened most likely lies in the plane of technical factors, which is not surprising in general, since against the background of the absence of obvious fundamental factors, the market switches to technical ones.
Another similar situation may hint at the lack of market participants' faith in the prospects of Europe as a whole. After all, representatives of the European Central Bank are already directly talking about the imminent increase in the interest rate, which should be the first since 2011 and should contribute to the strengthening of the euro.
However, the general state of the European economy, coupled with the ever-increasing risks of energy shortages, which are most acute in the euro area, cause more and more concerns. Olaf Scholz's trip to Africa in order to find alternative sources of supply is worth it after the decision of the European Union to abandon Russian energy carriers. It is quite obvious that even if Europe can find a replacement for Russian oil and gas, it will cost much more. And this is despite the fact that inflation is not even slowing down, and fuel prices are higher than ever before. In such circumstances, it is difficult to feel a sense of optimism about the European economy.
The EURUSD currency pair has a characteristic amplitude move within the framework of a two-week stagnation. The quote is squeezed between two levels of 1.0636 and 1.0800. It can be assumed that there is a gradual change of trading interest in the market. This may lead to the completion of the correction from the pivot point of 1.0350.
Since the beginning of June, the GBPUSD currency pair has been in a downward cycle from the resistance level of 1.2650. This movement indicates the completion of the correction and the gradual recovery of dollar positions within the main trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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