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Despite the impressive volatility, the foreign exchange market situation has remained unchanged. Considering the empty macroeconomic calendar, such a scenario seemed the most likely. Most importantly, the beginning of the new trading week is also marked by a lack of statistical data. So, today's scenario might repeat Friday's. However, the week will be eventful, at least due to the release of the US Department of Labor report, but it will only be released on Friday. With each passing day, the calendar will gradually be filled with increasingly significant macroeconomic data. For example, preliminary inflation data for the Eurozone will be published as early as tomorrow.
The EUR/USD currency pair has formed another stagnation around the local high of the upward trend. The 1.1200 level serves as resistance for buyers.
In the four-hour chart, the RSI technical tool is moving along the 50 median level, which confirms the price stagnation.
As for the Alligator indicator in the same time frame, the moving average lines are directed upward, corresponding to the main trend direction.
Expectations and Prospects
For the next phase of growth, the quote must stabilize above 1.1200 throughout the day. In this scenario, the high set in July 2023, which is 1.1276, is highly probable to be updated. Otherwise, we can expect variable fluctuations around the current values.
The complex indicator analysis in short-term and intraday periods indicates a pullback.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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