EUR/USD today: the euro undergoes correction after the decline
On Wednesday the pair EUR/USD is under the influence of correction and very optimistic statistics for the euro area. The pair managed to strengthen significantly, thereby having won a significant part of the lost positions yesterday. Earlier, pressure on the euro was provided by political risks in Spain and Italy, which are still relevant.
Events for today:
- 15:15 – a change in the number of people employed in the non-agricultural sector of the US from ADP.
- 15:30 – preliminary data on US GDP: US GDP (q/q), US GDP deflator (q/q) and US foreign trade surplus.
- 21:00 -“Beige Book” of the US Federal Reserve.
The day is full of statistics, especially in the United States. Therefore, the output of US data should cause growth in volatility.
At the beginning of the day, the pair EUR/USD appreciably adjusted, thereby unloading the oversold of the euro. The main indicator of the sentiments of the market are stock markets, which, despite the attempts at growth, remain under pressure of political risks. Because of the persistence of a two-month downtrend and political risks in the euro area, one should expect a resumption of the euro’s decline from resistance levels: 1.1620-40 and 1.1680. Support levels: 1.1550-30 and 1.1500.
Fig. EUR/USD. Current price – 1.1600
Also, read: “Integrated approach – the best trading strategy”
Hanzenko Anton