The EUR/USD pair continues to move in a familiar style over the past two weeks. The price reversed sharply again and the move occurred inside the 0.9900-1.0072 channel. We have already said that this channel cannot be considered a horizontal channel, even though it is formally just that. This movement, which we call planar, is not really like that either, but has all its signs. Even better, the current move fits the description of a „swing”, it’s really no better than an apartment. The pair failed to break above 1.0072 for a second time, so now we can count on some decline in quotes. From Wednesday’s macroeconomic reports, inflation in the European Union continued to accelerate and is currently at 9.1%. After the publication of this report, the euro started to appreciate, but we do not believe that the two events are related. At a time when we already know about the possibility of monetary policy tightening by the European Central Bank in September, the possibility of a rate hike is not increasing. For Wednesday’s trading signals, the situation was slightly better than the day before. Mainly due to the zone formed from 1,0001-1.0019. First, a sell signal is formed when the price stabilizes below, then a buy signal. The sell signal turned out to be false, but the pair lost 15 points. Therefore, Stop Loss should be set to breakeven point. The long position gained 30 points when the price reached the nearest target level of 1.0072. The recovery from 1.0072 cannot be calculated anymore, as this signal formed quite late. Commitment of Traders (COT) reports on the euro over the past few months clearly reflect what is happening in the euro/dollar pair. For most of 2022, they displayed a markedly upbeat mood from trading players, but at the same time, the Euro fell steadily. The situation is different now, but it is NOT in favor of the euro. If before the mood was upbeat and the euro fell, now this mood is… The euro is also falling. So for now, we see no basis for the growth of the Euro, as most factors remain unfavorable. The number of long positions of the non-trading group increased by 11,600 and the number of short positions increased by 12,900 during the reporting week. Thus, the net position increased by about 1,300 contracts. After several weeks of weak growth, the decline in this indicator has resumed and the mood of the major players remains bearish. In our view, this fact indicates very eloquently that even traders still do not believe in the euro at the moment. The number of longs is ,000 less than the shorts of non-trading merchants. Therefore, we can say that not only is the demand for the US dollar still high, but the demand for the euro is also quite weak. The fact that the big boys are not in a hurry to buy the euro could lead to an even bigger drop. Over the past six months or a year, the Euro hasn’t been able to post a tangible correction, let alone anything else. We recommend that you familiarize yourself with: EUR / USD Overview. September 1. The ECB came late, didn’t admit its mistake, and continued to make things „show”. Preview GBP/USD. September 1st. The British pound has fallen by inertia and is trending past the euro due to a fall against the dollar. The pair has consolidated above the trend line on the hourly time frame, but still does not leave a feeling that the downtrend is continuing. Currently, the pair is usually trading inside the horizontal channel and the channel has extended to 0.9900-1.0072. If the bulls manage to settle above, a slight uptick in the euro can be expected, but given the current „volatility”, there could be continued pullbacks towards the downside . We mark the following levels for Thursday trading – 0.9900, 1.0019, 1.0072, 1.012 , 1.0195, 1.0269, as well as Senkou Span B (1.0051) and Kijun -sen (10001). There is not a single level below the 0.9900 level, so there is simply nothing to trade there. The Ichimoku indicator lines can move during the day, which should be taken into account when determining trading signals. There are also secondary support and resistance levels, but no signals have formed near them. The signals can be „rebound” and „breakout” levels and lines. Remember to place a Stop Loss order at breakeven if the price has moved in the right direction for 15 points. This will protect you from possible losses if the signal is wrong. The European Union will publish its unemployment rate and manufacturing activity index for its second review in August. Both reports are insignificant. Meanwhile, we have the ISM index of business activity in the US service sector and this report may provoke a reaction from the market. Chart Interpretation: Support and resistance levels are levels that act as targets when buying or selling a currency pair. You can place Take Profit near these levels. The Kijun-sen and Senkou Span B lines are the lines of the Ichimoku indicator converted to hourly time units from hours. Support and resista