EUR/USD today: the US dollar is recovering

At the trades on Monday, the pair EUR/USD accelerated the decline, which was caused by comments from representatives of the US Federal Reserve about a three-fold increase in rates this year. As a result, the market remains optimistic about the American, which intensified with the opening of the European session.

Events for today:

• 12:00 – announcement of the unemployment rate in the euro area.
• 17:00 – release of the number of open vacancies in the labor market (JOLTS) in the USA.

The market today will be focused on data on the US, which can heighten optimism about the American.

After the decline at the beginning of the week, the pair EUR/USD remains in the correction phase after growth, while maintaining an upward trend, which is traced from November. Correction of the pair is also caused by a break from the significant resistance level of 1.2090, which also confirms the model of the US dollar index movement.

A further correction is expected from the EUR/USD pair, which opens the way to the levels: 1.1910-00 and 1.1880-60, which will correspond to the range of the existing uptrend. At the same time, this pair remains in considerable oversold, which can cause a return to the resistance levels: 1.1990-1.2000 and 1.2040. It is necessary to consider the possibility of entering the sales from these resistance levels.

Ganzenko Anton