EUR/USD today: the American dollar is under pressure of correction

At the start of the day the EUR/USD pair updated a week low at 1.1480, which was caused by the persistence of optimism on the American dollar after the publication of the Fed’s protocol yesterday. Also, pressure on the euro was exerted by data on the preservation of risks on the Italian budget and the Brexit negotiations. With the opening of the European session, there was a rebound from the support level of 1.1480-1.1500, which was caused by attempts to increase optimism and correction.

Events for today:

• At 15:30  US data will be released:  initial jobless claims, Philadelphia Fed index of manufacturing activity (October) and Philadelphia Fed employment index  (October).

Strengthening stock indices is likely to put pressure on the US currency, but the growth of this pair is largely dependent on the Brexit negotiations and the adoption of the Italian budget.

EUR/USD pair remains caught in a downtrend. The resumption of negative sentiment in Europe will cause a rebound  from the level of 1.1530-50. It will indicate a repeated test of support: 1.1500 and 1.1470-50. At the same time, restrained growth of optimism may cause a correction for the euro and  flat near resistance levels.

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Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

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