In general, the currency market has gone into stagnation. If you really find fault with the little things, then there is rather a symbolic decline in the euro with the pound. Its scale fits into the concept of statistical error, which is not surprising since the macroeconomic calendar is empty. It seems that this situation will last until Thursday when the US inflation data will be published.

Even though data on Italy and Spain are being published today, the value of macroeconomic statistics of individual eurozone countries tends to zero at least from the markets' viewpoint. And even if these data are considered, they will not add optimism to the Euro currency. Italy's retail sales growth is expected to slow down from 12.5% to 9.0%, while Spain's growth rate of industrial production should slow down from 4.8% to 2.1%. However, it should be noted that we are talking about the third and fourth economies in the EU.

Retail sales (Italy):

The EUR/USD pair slowed down the upward cycle around the local high on January 14, as a result of which a short-term flat 1.1410/1.1480 appeared. In this situation, the method of breaking through one or another border of the established stagnation is considered a suitable tactic. As a result of this strategy, we will be able to enter the market at the time of the outgoing impulse.

The GBP/USD pair rebounded from the resistance level of 1.3600, which led to a partial recovery of dollar positions. To prolong the downward interest towards the level of 1.3450, the quote needs to stay below the level of 1.3490 in an H4 period. Otherwise, stagnation within the current levels may be delayed.