Quiet Asian session with no major moves, but now traders are preparing for a data releases from the UK and Fed Chairperson testimony.

As seen on the daily chart, crude oil is still moving in the upward sloping channel, but now it has a correction to test the level 66.64

When the European market opens, some Economic Data will be released.

In Asia, Japan today will not release any Economic Data.

During the Monday session, the EUR/USD pair gained about 20 bp, counting the close of the day. Thus, the pair remains within the framework of the proposed wave 5 of the downward trend section.

USA, Switzerland, and Singapore the best places to carry out ICO.

EUR/GBP has been quite indecisive and volatile recently above 1.5750 area which is expected to see some retracement in the process before pushing higher in the future. EURO is still quite indecisive with the upcoming economic reports, whereas AUD has been optimistic. As the price remains above 1.57, the bullish bias is expected to continue.

The GBP/USD currency pair on Monday, July 16, adjusted to the moving average line and it is clear that it can not develop an upward movement.

EUR/GBP has been quite impulsive with the bullish gains recently which lead the price to reside at the edge of channel resistance. Though GBP has been struggling to get over EUR, a series of economic reports to be published today on the GBP side may change the bias a little bit. As the price remains above 0.8850, the bullish bias is expected to continue further.

On Tuesday, the new head of the Federal Reserve, Jerome Powell, made a regular semi-annual report to the US Congress. This is his second appearance as Fed Chairman.