Yesterday, the macroeconomic calendar was empty, which allowed the euro to return to the levels recorded before the news about problems in Credit Suisse.The euro increased amid the fact that UBS purchased Credit Suisse, thus stopping the development of the banking crisis in Europe. In addition, investors are almost sure that tomorrow the Federal Reserve will raise the benchmark rate by 25 basis points. Notably, tomorrow’s rate hike could be the last one before the Fed announces the first cut.The situation with the pound sterling is almost the same. The only difference is that the problems of the Credit Suisse bank have just a minor influence on it. As a result, the British pound recovered and then, climbed to new local highs. Since all the trading ideas have been priced in and the macroeconomic calendar remains empty, the currency is likely to consolidate at the reached levels. Investors will be getting ready for the FOMC meeting.On the trading chart, we see that the euro continues gaining in value against the US dollar. The single currency has already exceeded the level of 1.0700. It means that the euro has fully recovered after the recent slump. What is more, buyers intend to push the price higher.Under the current conditions, the price consolidation above 1.0700 may lead to a rise in the volume of long positions. Notably, at the moment of preparing this video review, the price has already launched the consolidation process. However, to confirm further growth, the pair should hit a new local high above 1.0750. In this case, we will see a gradual recovery after a downward cycle recorded in February.The downward scenario could also be considered by traders. The quote has been hovering within the sideways channel of 1.0550/1.0700 for one month already, leaving it just for a short period of time. That is why the price has every chance to return to the range.Meanwhile, the pound sterling climbed to a fresh weekly high. This led to the price consolidation above 1.2200, which boosted the volume of long positions. The pair has approached a strong resistance level of 1.2300. It may cap the price's upward potential, thus causing a decline in the number of long positions. In the event of this, the price may bounce or stagnate. If the pair consolidates above this level at least on the 4-hour chart, it may jump to the local high of the mid-term uptrend.

https://www.instaforex.com

FX Analytics - https://www.instaforex.com/forex_analytics
Forex Calendar - https://www.instaforex.com/forex_calendar
Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv

Forex charts - https://www.instaforex.com/charts
Instant account opening - https://www.instaforex.com/fast_open_live_account
Forex Trading Contests - https://www.instaforex.com/forex_contests

List of official InstaForex blogs:
https://www.facebook.com/instaforex
https://www.instagram.com/instaforex/
https://twitter.com/InstaForex

#forex_news #european_session #instaforex_tv

00:00 INTRO
00:13 FED’S KEY INTEREST RATE
00:39 QUOTES
01:09 EUR | USD
02:20 GBP | USD