EUR/USD today: the euro is forming a corrective trend

Trades in the pair EUR/USD on Monday opened up growth against Friday, despite very positive data on employment in the US. The sale of the American is caused by the growth of optimism in the market and the technical correction after the continued growth of the US dollar.

Events for today:

• At 17:00 – data on the US: the volume of shipments of civilian production in the US (excluding aircraft), the volume of orders for durable goods in the US (m/m) and the volume of industrial orders in the US (m/m).

The upcoming data will have a restrained impact on the market, but they can serve as a driver for changing sentiments for correction, which will allow the American to recover and sink its oversold.

In turn, the pair EUR/USD is traded with the strengthening on the correction after a 1.5-month decline. An additional factor pointing to the turn is the formation of the figure “inverted head and shoulders” on H4. Thus, consolidating the pair above 1.1730-50 will give grounds for deeper correction to resistance levels: 1.1800 and 1.1850-60, which may drag on for a week. Returning to the support level 1.1700 will indicate the formation of a flat.

Fig. EUR/USD Current price – 1.1720

Also, read: “What is the Monetary Policy and the Tools for its Regulation”

Hanzenko Anton