EUR/USD today: the pair is corrected after growth
On Monday, the pair EUR/USD continued to grow on the overall decline of the American and the optimism about the euro, which was also supported by low trading volumes due to a weekend in the US. On Tuesday, the correction for this pair intensified, which was caused by data on the preservation of risks regarding the formation of the government in Germany and the recovery of the American.
Events for today:
- 11:30 – release of a report on inflation in the UK.
- 15:30 – release of the index of manufacturing activity NY Empire State (USA).
In the context of a decrease in optimism for the euro and oversold of the US market, a restrained correction against growth is seen, which can be called a movement against Friday. It was expected yesterday.
In conditions of the dollar’s recovery, one should expect a moderate correction to the support levels: 1.2200-1.2180-70, which will be limited by continued optimism and an upward trend. Resistance remains at recent highs: 1.2280 and 1.2300. To a large extent, further expectations for the pair will depend on the closing of the day. So, when gaining foothold below the level of 1.2140-60, one should expect a deeper correction to 1.2070.
Fig. EUR/USD. The current price is 1.2230.
Hanzenko Anton