FX.co ★ Trading plan for EUR/USD and GBP/USD on July 18

The market remained stagnant despite the obvious oversold condition of dollar.

Partly due to the completely empty macroeconomic calendar, traders saw a purely horizontal movement, which may continue today as upcoming statistics, according to forecasts, will come out mixed. Retail sales may show a slowdown from 1.6% to 1.1%, while industrial production may accelerate from 0.2% to 0.5%. The data offset each other, so the market situation will not change.

EUR/USD demonstrated a local stagnation, resulting in the update of the medium-term trend's high. But despite minor price changes, the upward momentum continues, which may lead to an increase in the volume of long positions.

GBP/USD managed to partially recover its value after the previous retracement. The upper range of the psychological level of 1.3000/1.3050 serves as important support, so in the case of further growth, an update of the local high may be seen in the medium term.