EUR/USD today: the dollar is in no hurry ceding positions

After growth, the EUR/USD pair at the beginning of the day on the results of the G20 summit updated a high of 1.1380-90, having fully adjusted against the Friday decline. Further growth of the euro was limited by oversold US dollar, which also confirmed keeping the downtrend for this pair.

Events for today:

• 16:45 – PMI in the USA will be released (November).
• 17:00 – will release data for the United States: ISM manufacturing employment index (November) and ISM business activity index in the manufacturing sector (PMI)  (November).

After the G20 summit, the market remains optimistic, which is well seen in stock indices. Such optimism does not justify the existing risks that new trade negotiations in the United States and China may cause.

EUR/USD failed to overcome the resistance of 1.1380-90 despite optimism. It caused a rapid correction to support levels: 1.1320-00. Against the background of growing optimism, the strengthening of the dollar will be limited, but the strengthening of this pair is limited by the downtrend. As a result, we should expect the formation of a restrained dynamics in the side triangle, which is limited by the general downtrend.

Read also: “Singapore Dollar. Features of trade”

Hanzenko Anton

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

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