EUR/USD: Growth of the Euro is attributed to technical correction

The pair EUR/USD is traded upward at the Forex currency market on Wednesday, which is attributed to the rebound after six days of sharp fall.

By 9.20 MSK the Euro is at 1.4064 against yesterday’s closing level of 1.3997.

Reaction of the major pair was unpredictable on Tuesday: as soon as Swiss national Bank had recorded the lowest rate of the Euro in pairing with Franc at the level of 1.20, the EUR/USD started to grow following the EUR/CHF; however the momentum was not sufficient and in the end of the day the Euro reached 1.40 for the first time since this summer.

It became known yesterday that GDP of the Eurozone was left unrevised on quarterly basis, +0.2%. Market ignored this data.

Today’s German statistics can support the Euro in the event of positive indexes.

Most likely the pair EUR/USD will not go beyond the range of 1.3970-1,4130 at the trading session on Wednesday.