FX.co ★ 28.11.2022: Traders sell USD amid expectations of eurozone inflation figures.

Although the macroeconomic calendar is empty, the euro and the pound sterling are losing value.The situation could be explained by the expectations of the eurozone preliminary inflation figures, which are due on Wednesday. According to the forecast, inflation may decline to 10.3% from 10.6%.If the predictions come true, at the beginning of the new year, the European Central Bank may slacken the pace of the key interest rate hike. However, until the publication of the data, traders are likely to take the wait-and-see approach. That is why the market situation will hardly change significantly. The modest appreciation of the US dollar is the only change we may notice.On the trading chart, we see that the euro/dollar pair downwardly broke the sideways channel at the peak of the upward cycle. As a result, the quote slid below 1.0350. However, bears fail to maintain the downward movement.At the beginning of the European session, the volume of long positions increased, allowing the pair to climb towards the high of the upward cycle. If the price consolidates above 1.0450, it may break the resistance level of 1.0500, thus prolonging the main movement from the low of the downtrend. Meanwhile, the pound/dollar pair hit the psychological level of 1.2000 amid a bounce off the resistance level of 1.2150. As a result, the volume of short positions decreased and buyers returned to the market. Once the price consolidates above 1.2150 on the four-hour chart, traders will get a clear signal of the uptrend continuation.

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