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Pound continued to dwindle despite the empty macroeconomic calendar yesterday. And considering the Federal Open Market Committee meeting happening tomorrow, the situation will likely be the same today, as the refinancing rate may be raised. Even if that does not happen, further tightening may still be announced since inflation in the US surged for two consecutive months.
Euro, on the other hand, demonstrated slight growth, even before the statements of ECB representatives hinting at possible interest rate hikes. It behaved exactly as it should have in the conditions of an empty macroeconomic calendar and certain imbalances.
Nevertheless, dollar remains significantly overbought, which presents some challenges. This means that on the eve of such a significant event as the FOMC meeting, it would be wise to make some adjustments to correct the imbalance. Traders must rely solely on technical factors, as the inflation data published in the eurozone today will unlikely have any impact on the market.
Although EUR/USD rose above the level of 1.0680, bearish sentiment prevails, leading to a reduction in the volume of long positions. The recent pullback may transition into stagnation, most likely within the range of 1.0650/1.0680. This will serve as a new platform for speculators, potentially facilitating the accumulation of trading forces.
GBP/USD's decline halted, and the lack of rebound indicates traders' predominant interest in short positions. However, the quote must stay below the level of 1.2350 because only by that will the downward trend continue.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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