What happens in the foreign exchange market?
The past week has created a general spirit of doubt about the short-term growth of the US dollar 🇺🇸
And changing the direction vector of the dominant forces in the market, sellers managed to consolidate below the significant levels of price support.
In the short term, the dollar is expected to continue to decline. But do not forget that the current decline, as before, is only a correction in the long-term upward market.
European 🇪🇺 currency is traded in a small consolidation corridor. For several months now, the price can neither beat up nor punch down key support.
If you examine the chart of senior graphs, it becomes obvious that an extremely strong area of support is still not overcome by sellers, despite the hard pressure.
The longer the price consolidation continues, the higher the likelihood of an upward reversal of the price chart.
The pound 🇬🇧 currency is the outsider of the past week. The political factor ultimately, as was said earlier, played a role in the development of the situation in the domestic foreign exchange market.
The British pound experienced a rather serious decline, which fell on key support areas, local minimums of 2018.
Determining the clear boundaries of the region will be problematic, however, in the short term, decline after the completion of potential corrections.