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UK inflation rose again to a record 10.1% in September. The consumer price index returned to this year's July level when a 40-year record for annual inflation was set.
The British currency reacted quite calmly to these data. The quote was gradually decreasing, which fits into the technical picture of the price rebound from the resistance area.
In the European Union, inflation data slightly differed from the preliminary estimate, which indicated an increase in consumer prices to the level of 10%. As a result, inflation accelerated from 9.1% to 9.9%.
Even though the indicator above is slightly lower, inflation is still very high. Thus, the ECB has all the arguments for a further increase in interest rates.
The EURUSD currency pair failed to stay above the benchmark value of 0.9850. Instead, a stagnation was formed, which eventually led to a downward momentum, lowering the quote below the 0.9800 mark.
The GBPUSD currency pair came close to the price gap at the beginning of the trading week during the downward movement from the lower boundary of the resistance area 1.1410/1.1525. In this case, the gap serves as a support, which led to a reduction in the volume of short positions.
Today, weekly data on US jobless claims will be published, where figures are expected to rise. This is a negative factor for the US labor market.
Statistics details:
The volume of continuing claims for benefits may rise from 1.368 million to 1.375 million.
The volume of initial claims for benefits may rise from 228,000 to 230,000.
Time targeting:
US Jobless Claims - 12:30 UTC
The 0.9750 mark serves as a variable pivot point. To prolong the downward cycle, the quote needs to stay below this value. This move will lead to a depreciation of the euro at least to the level of 0.9700.
An alternative scenario for the development of the market will be considered by traders if the price returns above 0.9800. In this case, euro buyers will have a second chance to hold the price above the control value of 0.9850.
For a technical signal about the prolongation of the downward cycle to appear, the quote needs to stay below 1.1150. In this case, the sellers will open the way in the direction of 1.1000.
As for the upward scenario, the current stagnation within the price gap may eventually lead to a price rebound. In this case, a reverse move to the resistance area 1.1410/1.1525 cannot be ruled out.
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.
Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.
The up/down arrows are the reference points of the possible price direction in the future.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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