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The empty economic calendar was a great reason for the dollar to bounce a bit. However, in the grand scheme of things, nothing has changed. The US currency has returned to the upper boundary of the range it has been trading in for just over a week. Considering that this week's economic calendars do not include any significant reports, the dollar will likely remain within the current boundaries. There is a high probability that the market will gradually fall to the levels where it was at the beginning of the trading week. After that it will move back to the current values.
Despite breaching the 1.0700 level, EUR/USD has not been able to prolong the downward cycle. As a result, the volume of short positions initially decreased, followed by a price rebound.
On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which points to the bullish sentiment.
Meanwhile, the Alligator's MAs are intertwined in the 4-hour chart, signaling a slowdown of the downtrend.
Keeping the price above the 1.0700 level could indicate an increase in buying volumes. In turn, the euro may gradually recover its value. The bearish scenario will come into play once the price returns below the 1.0700 level.
Complex indicator analysis points to a bullish bias in the short- and intraday periods.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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