Analysis of EUR/USD: the pair remains under the pressure - Ester Holdings

Analysis of EUR/USD: the pair remains under the pressure

According to the results of trading on Wednesday, the EUR/USD pair closed lower, having updated a low at the level of 1.1250. Thus, the pair pointed to the continuation of the downward dynamics and the resumption of decline. Continuing optimism in the market and weak eurozone GDP data put additional pressure on the euro.

Events for today:

  • 15:30 – the US data are available: core producer price index (PPI) (m/m) (January), core retail sales index (m/m) (December),  initial jobless claims, the producer price index (PPI) (m/m) (January) and retail sales (m/m) (December).
  • 17:00 – business inventories (m/m) (November) in the United States.

The day today is full of statistics on the United States, which can cause significant fluctuations on the American dollar.

EUR/USD pair remains in the zone of uncertainty, maintaining the downward trend and limited to the support of 1.1260. Under the conditions of the dollar correction, a resistance test should be expected from this pair: 1.1290 and 1.1320. With the resumption of decline test of support levels: 1.1240 and 1.1220 should be expected.


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Hanzenko Anton

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