FX.co ★ Trading plan for EUR/USD and GBP/USD on July 11

need to be raised until inflation falls to 2.0%, meaning that the Fed may not limit itself to the two rate hikes promised by Fed Chairman Jerome Powell. However, demand actually dipped, indicating that investors may be pushing the market in the opposite direction so that the subsequent correction will be as large-scale as possible.

No matter what the reason, any sharp market movement will eventually end in at least a pullback, but the recent rise in unemployment in the UK, from 3.8% to 4.0%, led to a halt in dollar's decline. Most likely, the currency will begin to gradually recoup at least some of its losses.

EUR/USD, during its intense upward movement, broke through the resistance level of 1.1000. This step pointed to a subsequent increase in the volume of long positions, which will likely lead to the complete recovery of euro relative to the correction last May. However, such a sharp price change could lead to the currency being overbought, resulting in a rollback.

GBP/USD continues to rise despite being overbought. If this continues, the pair will hit the resistance level of 1.3000. However, sooner or later, there will be a technical pullback due to the closing of long positions.