EUR/USD today: the dollar remains under pressure

Trading on Thursday closed with a significant increase in the EUR/USD pair on the decline of the American dollar. As a result, this pair broke the two-week downtrend and moved on to correction.

Events for today:

• 14:30 – an employment  report in the United States: the average hourly earnings (m / m) (October), the average hourly earnings (compared to the same period last year) (y/y) (October), export volume, imports, nonfarm payrolls (October), participation rate (October),  private nonfarm payrolls(October), the trade balance (September) and the unemployment rate (October).
• 16:00 –  data for the United States: shipments of nondefense capital goods (excluding aircraft) (m / m) and factory orders (m/m) (September).

Despite the fact that the US dollar remains under pressure, the main event of the day remains the publication of an employment report in the US and it is possible a correction on the American dollar on the expectation of it.

The EUR/USD pair maintains an upward trend in the US dollar decline, limited to overbought and resistance levels of 1.1450 and 1.1480. At the same time, it is possible to correct positions to support levels: 1.1420 and 1.1400. The main dynamics of the dollar will depend on employment data in the United States. The main resistance levels: 1.1500 and 1.1530-50, support: 1.1400 and 1.1380-60.

Read also: “Stock Indices: the Japanese Market”

Hanzenko Anton

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