EUR/USD today: the euro remains in the phase of correction

The EUR/USD pair is trading with a restrained strengthening on the correction against Friday, forming a reversal after a decline last week. The level of 1.1110-20 continues to be a significant resistance, consolidation above which will indicate the formation of a reversal. So far, this pair is limited by attempts of growth and the downward dynamics of the past week.

The economic calendar at the beginning of the week remains empty. Significant impact on the market can have a general sentiment associated with the risks of a trade war and stimulate the economy in the eurozone.

The EUR/USD pair is trading in the side channel from 1.1080 to 1.1120, despite attempts  correction and remaining under the pressure of a downtrend.

A resumption of the decline of the euro against the dollar should be expected when returning to the level of 1.1180-70.

But fixing the pair above the level of 1.1110-20 will cancel expectations for a decline. The resumption of decline opens the way to levels: 1.1020 and 1.1000.

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Hanzenko Anton

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