Against the background of a completely empty macroeconomic calendar, the single European currency was still able to make an almost exemplary local correction, after a rather strong decline. The only strange thing is that it was declining during the European trading session, and the growth began already with the opening of the American trading session. Nevertheless, this rebound was quite expected and predictable. Today, the dollar may resume its growth, due to data on the construction sector. The volume of construction may increase by 0.8%, and the number of construction permits issued may rise by 0.5%. The growth of the construction sector indicates both the growth of industry and consumer activity. Ergo, the American economy continues to recover confidently.
The volume of construction of new homes (United States):
The EUR/USD currency pair showed quite strong activity on the market during the last trading day, as a result of which the quote locally fell below the minimum on July 14.
The market dynamics reflects a high interest on the part of speculators, which is confirmed by the price acceleration on the trading chart.
In this situation, where there is a plentiful downward interest, it can be assumed that the level of 1.1800 will eventually play the role of resistance, increasing the volume of short positions.
From the point of view of complex indicator analysis, it can be seen that technical instruments, despite the recent price volatility, still signal a sale.
