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Instead of calmly moving towards the upper boundary of quite a narrow range, the dollar stayed near the lower boundary. This is partly due to the empty economic calendar. Today, the US will release its unemployment claims report, but according to forecasts, the changes will be purely symbolic. Therefore, this report will only have a minor impact. In other words, there is a possibility that the market will continue to stay around the current levels. However, this is unlikely. After all, the market cannot remain stagnant, and most likely the dollar will show weakness towards the upper boundary of the range, in which the market has been trading for almost two weeks.
EUR/USD is moving along the 1.0700 level, with characteristic deviations from it, forming a range of 1.0670/1.0750.
On the 4-hour chart, the RSI technical indicator is moving in the lower area of 30/50, thus reflecting bearish sentiment among traders.
Meanwhile, the Alligator's MAs are intertwined in the 4-hour chart, which indicates the stagnant phase.
In this case, the most optimal tactic is to wait for the price to settle beyond the established boundaries, which could lead to an increase in trading volumes en route for a breakout.
Complex indicator analysis shows unstable readings due to the sideways movement 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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