Today, after the weekend and the celebration of Martin Luther King's Day, the US is returning to the market and we can expect an increase in the volume of trading, as well as increasing volatility in the markets. By the start of the trading day, after a prolonged fall, the dollar index won back 0.22% and we can expect that by the beginning of the American session, the trend towards strengthening the reserve currency will strengthen and traders will try to play at the correction.
The output of significant macroeconomic data is not expected today, so we will take into account the existing trends and available indicators of the economies.
Considering our chart, we can observe a slowdown in the price movement near the Fibo levels and we can find the price at the moment above the moving MA (21).
Technical indicators show an increase in volumes and the formation of a corrective wave.
Our trading advice is to wait until the correction is completed and enter into long positions from the resistance levels with the installation of short stop-loss orders.
Levels of resistance
0.7890
0.7910
0.7940
