The single European currency is trying to secure the level of 1,04, as it was highly favored during the day yesterday after the announcement of the minutes from the last Fed's meeting confirmed a more dovish tone on the prospect of a rate hike by the central bank.

At the same time, some economic indicators for the development of the course of the European economy do remain in an environment of contraction, but the announcement was slightly better than expected .

Yesterday was extremely favorable for the European currency on all announcements, which led to a mild upward momentum but failed to stand well above the level of 1.04.

But something that is trying to achieve today as during the first hours of trading the pair already marked high at 1,0450. I estimate that this was a continuation of yesterday's momentum once there was no other development till now where to justify this further rise.

Yesterday's trading day only partially confirmed my thinking as indeed there was a enviroment with high volatility in a multi-news day with most of this ultimately favored the European currency, but this was a bit of a surprise.

Today's further rise towards the level of 1,0450 but also the subsequent correction that has brought the pair already to the levels of 1,04 shows a difficulty for the European currency to be able to easily maintain these levels in order to create the base to move further higher.

Today's economic agenda is limited to German IFO index, where the latest developments on the outlook for the German economy and the business climate will be announced as well as the Minutes from the last meeting of the European Central Bank, While on the other side of the Atlantic due to the Thanksgiving day there is no announcement and the depth of transactions is expected to be limited.

The prospect of a further correction and pair going back below the 1,04 level is quite likely, as only a strong data for the Ifo index, with parallel confirmation of aggressive rhetoric from the last ECB Minutes, will be able to re-fuel a strong new upward momentum for the European currency.

Maintaining a wait-and-see attitude would be the recommended strategy for today, gathering a little bigger possibility the European currency to correct further.

𝘛𝘩𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘪𝘯 𝘵𝘩𝘪𝘴 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘢𝘯𝘥/𝘰𝘳 𝘢𝘯𝘺 𝘰𝘵𝘩𝘦𝘳 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘵𝘩𝘢𝘵 𝘵𝘩𝘪𝘴 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘳𝘦𝘧𝘦𝘳𝘳𝘦𝘥 𝘵𝘰, 𝘸𝘩𝘦𝘵𝘩𝘦𝘳 𝘪𝘵 𝘤𝘰𝘮𝘦𝘴 𝘧𝘳𝘰𝘮 𝘢 𝘵𝘩𝘪𝘳𝘥 𝘱𝘢𝘳𝘵𝘺 𝘰𝘳 𝘯𝘰𝘵, 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘴𝘩𝘢𝘭𝘭 𝘯𝘰𝘵 𝘣𝘦 𝘤𝘰𝘯𝘴𝘪𝘥𝘦𝘳𝘦𝘥 𝘢𝘴 𝘢 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥/𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦 𝘢𝘯𝘥/𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥/𝘰𝘳 𝘴𝘶𝘨𝘨𝘦𝘴𝘵𝘪𝘰𝘯𝘴 𝘧𝘰𝘳 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘪𝘯𝘨 𝘢𝘯𝘺 𝘢𝘤𝘵𝘪𝘰𝘯𝘴 𝘸𝘪𝘵𝘩 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴 𝘰𝘳 𝘪𝘯𝘴𝘵𝘳𝘶𝘮𝘦𝘯𝘵𝘴; 𝘰𝘳 𝘵𝘰 𝘱𝘢𝘳𝘵𝘪𝘤𝘪𝘱𝘢𝘵𝘦 𝘪𝘯 𝘢𝘯𝘺 𝘱𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢𝘳 𝘵𝘳𝘢𝘥𝘪𝘯𝘨 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘢 𝘳𝘦𝘭𝘪𝘢𝘣𝘭𝘦 𝘪𝘯𝘥𝘪𝘤𝘢𝘵𝘰𝘳 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.

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