EUR/USD today: the euro is near a significant support

The EUR/USD pair has been under the pressure since the opening of trading on Tuesday, updating the multi-month low at 1.0920. The reason for the decline in the euro against the US dollar remained the risks of a trade war and fears of a slowdown in the eurozone economy due to the tough Brexit.

Events for today:

• 16:45 – the index of business activity in the manufacturing sector (PMI) (Aug) in the United States will be published.
• 17:00 – ISM manufacturing employment (Aug) and ISM of business activity index in the manufacturing sector (PMI)  (Aug) in the United States will be published.

Data on business activity in the United States in the afternoon may shift market attention from risks.

After the EUR/USD pair reached the support zone of 1.0920-00, it was in a significant oversold state. This may indicate the formation of a restrained correction in the zone of 1.0930-40. The recovery of the euro will be limited by resistance levels: 1.0960 and 1.0980.

Read also: “Expectations from the July Fed meeting”

Hanzenko Anton

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