Today, the macroeconomic calendar is almost empty and the market situation is rather stable. Investors are likely to remain cautious and wait until tomorrow that will be much richer in macroeconomic events.
Moreover, today, the UK Parliament is holding hearings concerning the national economic conditions and plans to cope with the crisis. However, market participants have ignored the event. The fact is that tomorrow, the UK will report on its labor market. The data will show the real economic situation. Thus today, analysts do not expect high activity.
During the previous week, the euro/dollar pair was trading within the range of 1.0775/1.0850/1.0880.
It is quite possible that traders are still focused on the range of 1.0775/1.0850. They may open deals within the range or when the price breaks its limits.
Thus, buy positions can be opened above 1.0830 with the targeted level at 1.0850. Besides, deals can be opened, if the price consolidated above 1.0860. In this case, the targeted levels are 1.0880-1.0900.
Sell positions can be opened below 1.0800 with the target at 1.0785-1.0775. Traders may also enter the market, when the price consolidates below 1.0760 with the target at 1.0700.
For the first time since March, the pound/dollar pair managed to consolidate below 1.2150/1.2180 pointing to the trend reversal. Under the current conditions, market participants suppose that the pair could fall to all-time lows in a mid-term perspective.
The current fluctuation can be considered as an attempt to approach the previously hit level of 1.2150. However, due to tepid market activity the quote may drop to the psychological level of 1.2000.
Summing up, buy positions can be opened above 1.2140 with the target at 1.2160-1.2180.
At the same time, sell positions can be initiated with the targeted level at 1.2000. If there are no open deals, traders may enter the market below 1.2070. Deals can also be initiated when the price consolidates below 1.2000.
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