EUR/USD today: the euro is restrained

At the opening of the new trading week, the EUR/USD pair shows restrained attempts to grow on correction after the decline and strengthening of the American dollar on Friday. In favor of the growth of the pair indicates the formation of a “double bottom” and technical correction. It is worth to note the preservation of the downward trend and the overall growth of the American dollar. This actually creates an ambiguous picture of the market.

The economic calendar at the beginning of the week is empty. Market attention remains focused on the results of the US Federal Reserve meeting, which will be held on Wednesday.

The EUR/USD pair is limited by the downward trend despite the attempts to grow during the correction.

So, after the growth of the euro against the dollar to resistance levels: 1.1130-50, we can expect a resumption of decline.

The uncertainty factor remains the correction of the dollar positions before the Fed meeting, which may cause an increase in volatility. On the further growth of the American dollar one should expect the test of support levels: 1.0980 and 1.0960.

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Hanzenko Anton

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