Euro remains under pressure of correction

The single currency declined against the US dollar during the European session, losing all the earned positions during the Asian trade. This decline is caused by technical factors and profit taking on short positions of the US dollar, amid a decrease in fears about the trade war between the states and China. Also, some pressure on the euro has weak statistical data on the economic sentiment  in the Eurozone. See “Market news”.

Technical analysis: The pair EUR/USD still has an upside potential in the short term. At the moment, the price of the instrument has approached the first correction level of 23.6 on the Fibonacci lines, at the mark of 1.2420. In case of further decline, the main support levels are considered at 1,2385, 1,2330 marks, which correspond to the levels of 38.2 and 61.8 Fibonacci.

Fig.EUR/USD. The current price is $ 1.2425.

Alexander Sivtsov