EUR/USD today: the pair returns to the channel
Trades on Tuesday: the pair EUR/USD shows restrained growth on the decline of the American. At the same time, yesterday’s slowdown in the decline can be regarded as a signal to reverse the downtrend of the past week.
Events for today:
- 23:35 – weekly stocks of crude oil in the US will come out according to the American Petroleum Institute (API).
After the positive trading session in the Asian session and the negative opening of the European stock indices, the market monitors the overall dynamics of the stock exchanges. But, because of the decline in the yield of the US bonds, the US currency was under pressure, which forces investors to adjust their positions relative to the American.
In conditions of breaking through the weekly downtrend on the EUR/USD pair and returning to the trading range of the end of January, one should expect a full-scale growth of the pair, which will be limited to overbought and risks associated with the stock exchanges. At the moment, the significant resistance is the level of 1.2350-60, from which the repulsion with the support test 1.2300-1.2270 is possible. At the same time, consolidating the pair above the 1.2300 level will indicate further growth.
Fig. EUR/USD. The current price is 1.2340.
Hanzenko Anton