The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Eurozone producer prices fell 11.5% in August compared with the same month last year, marking the fourth consecutive month of decline at record rates. Analysts' forecasts were slightly more optimistic, expecting a decrease of 11.6%.
During the American trading session, special attention was given to the ADP report on private sector employment in the United States. Analysts had predicted employment growth of 160,000, but the actual increase was only 89,000. It is important to note that the ADP report is considered a leading indicator of the labor market, but a more accurate picture will be provided by the U.S. Department of Labor's report.
The overbought status of the EUR/USD currency pair finally triggered the expected recovery, resulting in the quote returning above the 1.0500 level.
The GBP/USD currency pair is in the process of correction from the upper boundary of the psychological zone 1.2000/1.2050. This movement is accompanied by an increase in long positions volume and has led to a strengthening of the British pound by approximately 100 points.
Today, the publication of data on jobless claims in the United States is expected, where a decrease in the overall indicator is anticipated. Statistical data details indicate that the volume of continuing claims may rise from 1.670 million to 1.675 million, while the number of initial jobless claims may increase from 204,000 to 210,000.
Time Targeting:
U.S. Jobless Claims – 12:30 UTC
It can be assumed that the strengthening of the euro may continue if the price stabilizes above the 1.0500 level. However, if speculative downward trends resume and the quote falls below 1.0470, a local low may be updated.
Despite the current pullback, it is worth noting that the British currency has experienced a decline of about 1000 points during the downward cycle. This fact confirms the oversold status of the pound sterling in the market and may signal the possibility of subsequent recovery of long positions. As for the downward scenario, it will be relevant for traders if the price returns below the 1.2050 level. In this case, further price declines are allowed, possibly even to the lower boundary of the psychological level at 1.1950/1.2000.
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
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