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Dollar fell on Monday, but the scale of its decline seems to be a continuation of the pullback following a prolonged and impressive rise. It also has no reason to fall since the final inflation data for the eurozone simply confirmed the preliminary estimate already priced in by the market. By afternoon, the market froze in anticipation of the Federal Open Market Committee's meeting. Stagnation will likely persist, as the inflation data in the UK, which will come out tomorrow morning, will not have any impact.
EUR/USD resumed its decline after a brief pause, prolonging the ongoing correction in the market. Considering the scale of the euro's depreciation, signs of oversold conditions slowly became apparent. This could complicate the process of lowering the exchange rate. However, there may also be a chance of strengthening towards the level of 1.0800.
GBP/USD showed an intense decline, which led to significant price changes in the market. Further downward movement may occur if the price stabilizes below the level of 1.2700. Due to the scale of the price changes, signs of oversold conditions slowly became apparent, which could lead to a rebound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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