EUR / USD today: pair continues its correction

On Friday trades, the  EUR / USD pair closed the day with a noticeable decline in positive US statistics and correction of positions on the American dollar. As a result, this pair remains oversold and formed a bullish divergence, which can be seen on the MACD indicator.

Today is not eventful today, and market remains extremely politicized due to political scandals and trade confrontation, which, in turn, receded into the background because of the expectation of the US Federal Reserve meeting on Wednesday.

With the negative opening of the stock markets in Europe, the American dollar was under pressure against Friday. As a result, we should expect a test of resistance levels: 1.2310 and 1.2330. At that, the EUR / USD pair is clamped in the downward triangle, which indicates the possibility of a decline.

EUR / USD Graph. The current price is 1.2290.

At the same time on the H4 timeframe  formed the figure of “double top”, which is limited to the level of 1.2260-50. This will open the way to support levels: 1.2190 and 1.2140. In the case of not working out the above-mentioned downward triangle, we should expect the formation of a third peak at the resistance levels: 1.2350 and 1.2370-80.

EUR / USD H4 Graph.

Hanzenko Anton