FX.co ★ EUR/USD

Hello traders! Judging by the current situation in the EUR/USD pair, we can see that this currency pair has found strong support to the south, around the former local high of the pair from September last year at the level of 1.1915. Therefore, we are facing a "fork" situation here, where on one hand, the EUR/USD price may bounce upwards, and on the other hand, a breakthrough of this level with the opening of a new bearish candle below it could lead to a deeper correction, possibly with acceleration. In this case, we can expect the price of this currency pair to fall to support at 1.1840, which could mark the beginning of a downward trend reversal. Naturally, how the price behaves in this scenario will depend on additional drivers, and today it's the news from Germany that matters, as a significant block of news, including Germany's GDP for the 4th quarter and subsequent data on the consumer price index in Germany for January, will be released. From the US side, data on the producer price index for December will be published, and perhaps we will indeed see some support for the American currency. However, it's not certain, so as always, we need to follow the market and monitor the situation.