EUR USD today: the American dollar remains under the pressure

Before the opening of the European trading session, the EUR EUR pair has updated the last weeks high at the level of 1.1280, pointing to the potential for growth, which is limited by the pair’s overbought and the upward trading channel. The driver to the growth of the pair is the general weakness of the US currency.

Events for today:

• At 17:00 – the number of open vacancies in the labor market JOLTS (Feb) of the USA will be released.
• At 23:30 – API weekly crude oil inventories will be published.

Today is a very empty day for statistics, so the general driver and the desire for risks will continue to be the main driver of the market.

EUR USD pair maintains upward dynamics, limited to the resistance of 1.1280 and 1.1300. The rise of the euro against the American dollar also limits the oversoldness of the American dollar across the market, which, given the expectations of data from the ECB and the Fed, on Wednesday could cause the formation of a flat. Separately, it is worth highlighting the fundamental factors: political risks in the United States, Brexit and the US-China trade negotiations, which can interfere in the dynamics of the pair and the market in general. This pair is expected to move in the channel from 1.1280 to 1.1240. Support levels: 1.1240 and 1.1220.

Read also: “Emerging markets and their prospects: Russian ruble (RUB)”

Hanzenko Anton

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