The single European currency is trying to move further away from yesterday's lows of 1.0175 in an environment of mild correction which, however, is likely to soon come under challenge.

Correction behaviors are something common on the part of the European currency, they are kept on the table with some good fidelity, but as has been proven in the last three months, their durations is  short-lived.

Yesterday, as expected, did not provide any major surprises and although the critical level of 1.02 was temporarily broken downwards, the very poor agenda was unable to fuel further strengthening of the US dollar.

The balance that has returned to international stock markets after some intense pressures, as well as the dust that has slowly settled from Friday's strong data on new jobs in the United States, have helped the European currency stabilize and is currently trading at a good distance from recent lows.

Τhe big picture remains broadly the same with the critical catalysts that have weighed on the European currency over the last three months remaining on the table.

Geopolitical risks, the interest rate gap between the dollar and the euro, the course of the European economy and concerns about possible political instability in the eurozone's largest economy, Germany, continue to worry investors and make it difficult for the European currency to show anything better than some good corrections.

However, as the exchange rate is already at quite low levels, increasingly approaching the critical level of 1/1, I prefer to look for corrections in the European currency rather than taking a position in favor of the American currency at these levels.

On today's agenda, the producer price index in the United States and some statements by Fed officials stand out.

As I mentioned above, my thoughts remains in favor of the idea of ​​buying the European currency on dips,  although yesterday did not give me the opportunity to take a position as I was expecting slightly lower levels.

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