Although today, the US will publish some macroeconomic reports, the market situation will hardly change. There are several reasons for that.
Thus, the final data on the US GDP is expected to meet the initial estimates, which have been already priced in by traders. The economic growth should slacken to 0.9% from 1.9%.
The unemployment claims figures will neither affect the market. In particular, the number of first-time claims may increase by 2,000, whereas the number of continuing claims may add 3,000.
The anticipated changes are insignificant and unlikely to change investors’ sentiment. In other words, the market is likely to consolidate near the current levels amid the expectations of the eurozone inflation figures.

On the trading chart, we see that the euro slowed down just after it touched the level of 1.0870. Some time later, the pair stagnated, thus forming a 50-pip range. It is quite possible that the pause could be considered an accumulation process that will lead to acceleration.
Under the existing conditions, traders should focus on the outgoing impulse from the range of 1.0720/1.0870. This may lead to a signal that will indicate a further market movement.
If the price consolidates above 1.0870, the upward cycle will continue. In the event of this, the euro/dollar pair may reach last week’s high of 1.0900.
However, if the euro starts sliding, it may drop below 1.0800.

Meanwhile, the pound sterling slightly fell after it reached a weekly high against the US dollar. The level of 1.2300 acted as support, thus forcing sellers to reduce the number of short orders.
If the price consolidates above 1.2300/1.2350, it is highly likely to rise higher toward the local high of the mid-term uptrend located at 1.2400. However, if the price returns below 1.2300 on the daily chart, it may show a deeper drop compared to the current rebound.



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00:00 INTRO
00:12 US GDP
00:55 EUR/USD
01:45 GBP/USD