FX.co ★ Hot forecast for EUR/USD on 09/02/2022

For two consecutive days, not only has the macroeconomic calendar been completely empty, but there is no other news that can affect the market. So, in general, there is nothing surprising that the foreign exchange market, in principle, stands still. But today the calendar is also empty. In other words, if some loud, preferably scandalous, news does not appear during the day, then the market will not budge. Thus, the stagnation may well last for three days, which is a very, very long time from the markets' perspective. Consequently, only the data on US inflation, which will be published tomorrow, can bring the market out of the stupor.

The EURUSD currency pair has been in a state of stagnation for the fourth consecutive day at the peak of the ascending cycle. This movement has led to a price momentum in the range of 1.1400/1.1480.

The RSI technical instrument in the four-hour period follows between the 50/70 lines, which indicates that the upward cycle is still relevant in the market.

The Alligator H4 and D1 indicator confirms the upward cycle by the absence of intertwining between the MA moving lines.

The picture looks different on the daily chart. The upward cycle mentioned above is only a corrective move in a medium-term downward trend. Thus, it is impossible to speak with full confidence about a change in trade interests.

Expectations and prospects.

At the moment, the quote is still moving in the range of 1.1400/1.1480. It can be assumed that such a long movement of the price in a closed range will lead to a regular acceleration at the moment the price is kept outside one or another border of the established range. Thus, the trading tactics remain the same - a breakdown of one or another flat border in H4.

Comprehensive indicator analysis has a variable signal based on the short-term and intraday periods due to price stagnation.