The euro/dollar pair moved sideways on Monday due to the empty macroeconomic calendar both in the United States and the eurozone. So, the corrective move that started last Friday continued. At the same time, this correction is a weak one. Therefore, the pair failed to reach the Friday low. Generally speaking, the price only moved sideways on Monday. In addition, volatility was rather low. The unwillingness of traders to sell the instrument or lock in profits on long positions looks rather strange given that there are no important fundamentals that could drive the pair up at the moment. Nevertheless, the ascending trendline maintains the current uptrend. Therefore, long positions should be considered before the price consolidates below it. So, the pair showed a sluggish movement on Monday.
In the M5 time frame, the price was flat, which is confirmed by the chart. The pair traded in the range between 1.1412 and 1.1453 all day. Volatility was 47 pips. Many false signals are usually produced during the flat movement. However, beginner traders were lucky on Monday as just one false signal was generated. At the opening of the North American session, the price bounced from the level of 1.1453 and went down by 25 pips. The quote failed to reach the lower limit of the sideways channel - 1.1412. Therefore, the only way to receive a profit was to close short trades manually. At the same time, not to incur losses, a stop-loss order was set at the breakeven point after the price had gone down by 15 pips. Tuesday is going to be another uneventful day in the market due to the again empty macroeconomic calendar and the absence of important fundamentals.
Trading plan for Tuesday:
In the 30M time frame, the uptrend continues. This trading week, the pair may head towards the descending trendline. However, due to the lack of important fundamentals and the empty macroeconomic calendar, the pair is likely to be flat in the first three trading days. A rebound from the trendline could trigger the uptrend. At the same time, the pair may simply ignore the trendline and cross it when moving sideways, which could not be considered a signal to sell. The target levels in the 5M time frame are seen at 1.1387, 1.1415, 1.1453, 1.1478, 1.1496, 1.1513, and 1.1535. A stop-loss order should be set at the breakeven point after the price moves up by 15 pips. Tuesday's macroeconomic calendar will be empty both in the United States and the eurozone. Therefore, the day is likely to be uneventful, volatility to remain at a low level, and the sideways movement ot continue. At the same time, the corrective move that started last Friday may extend.
