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The market remained in its previous positions amid the absence of news and economic reports. But today it must move. And it's not about the imminent release of US inflation data. After all, this data will be released on Thursday. Today, Federal Reserve Chief Jerome Powell will testify before the US Senate Banking Committee. And tomorrow, he is due to report to the House of Representatives. Politicians will certainly raise the issue of interest rates, especially since the unemployment rate in the United States has been rising for three consecutive months. As a result, the market has revised its expectations regarding the timing and pace of the Federal Reserve's monetary policy easing. Investors are hoping to receive confirmation of the updated forecasts. If these expectations are met, the dollar will resume its decline.
EUR/USD maintains a bullish bias after settling above the 1.0800 level. As a result, there is an increase in the volume of long positions. This may point to the recovery process in the euro.
On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which points to the bullish sentiment.
On the same chart, the Alligator moving averages are headed upwards, which corresponds to the upward cycle.
If the price settles above the 1.0800 mark, it could climb to the 1.0900 level. The bearish scenario will come into play if the price returns below the 1.0800 level.
In terms of complex indicator analysis, the short-term period does not have stable indicators since the price is stagnant. In the daily period, the bullish sentiment is still in force.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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