EUR/USD: Euro’s growth this morning is only technical correction

The pair EUR/USD is traded slightly upward at the Forex currency market on Wednesday morning; however it is too early to rejoice at the trend reversal as the growth is not more than correction.

 By 10.00 Moscow time the Euro is at 1.3034 against closing session level of 1.2982 yesterday.

 Yesterday was another day of trial for the Euro – the ease of the currency while exceeding psychologically important level of 1.30 put investors on the alert. In principle if bearish sentiments will be maintained, the pair may very well go to 1.26; however currently the pair looks too oversold, consequently slight upward correction seems relevant.

 Market participants did not take notice of Tuesday’s statistics, although it demonstrated some stability in Eurozone and in Germany.

 The day again will not be very eventful with today and it is quite possible that the Euro will discover a fundamental support.

 Most likely the pair EUR/USD will not go beyond the range of 1.2930-1.3200 on Wednesday trading session.

 

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