The euro has been at a standstill for almost seven days. Its fluctuations were small and short-term. The quote kept returning to the level it started its movement from. At the same time, the euro is ignoring macroeconomic data. Although all reports published during this time have been of secondary importance. Under the circumstances, the same scenario is likely to play out today. The only report set to be released today is the US S&P/Case Shiller home price index. The reading is estimated to rise to 13.8% from 13.3%. Anyway, this data is of secondary importance. Therefore, the currency will be at the standstill.
United States S&P Case-Shiller Home Price Index:
The EUR/USD pair has been in the sideways range of 1.1900/1.1980 for over 100 hours, which indicates accumulation of forces ahead of the upcoming upward trend in the market.
Market dynamics is low showing bursts of speculative activity from time to time.
Judging from the current location of the quote, the market is expected to move sideways today.
The accumulation process is assumed to extend for a while. However, traders should work out a strategy to exit the accumulation area in advance.
In other words, the ideal plan would be to break one of the boundaries of the sideways range. Notably, a breakout would be confirmed by the 4-hour time frame.
In terms of complex indicator analysis, technical indicators are sending a buy/sell signal on M1 and H1 charts amid a sideways price movement. At the same time, the daily time frame keeps indicating the downward trend, giving a sell signal.
InstaForex Group