EUR/USD today: the pair is waiting for correction

On Tuesday, the pair EUR/USD closed with a decline, once again renewing the minimum of the year (1.1840) and maintaining the downtrend, which contributed to the overall strengthening of the American. Before the European session, today, the pair again updated the minimum (1.1820), increasing oversold. But with a positive opening of the stock exchanges in Europe, a restrained correction is traced.

Events for today:

• 15:30 – data on producer prices in the US.
• 17:30 – data on oil reserves in the US.

The market remains chained to sanctions against Iran and the profitability of the US state bonds, which set the sentiments in the market.

Despite the continuing downtrend, the pair EUR/USD remains largely in the oversold, as indicated by the bullish divergence of MACD on H4. Also worth noting is the high level of profitability of 10-year-old state bonds in 3%, which can also cause a correction. At the same time, the marks 1.1900 and 1.1940 are a significant resistance. Significant support is: 1.1800 and 1.1760, from which one can expect a repulsion.

Fig. EUR/USD. The current price is 1.1860.

Hanzenko Anton