EUR/USD today: the euro remains under the pressure

EUR/USD from the start of the day remains is traded under the pressure, limited to oversold. The reason for the weakening of the single currency is the expectation of stimulating the eurozone economy, that will be announced on the publication of the ECB report.

Events for today:

• 14:45 – the ECB meeting results will be published: deposit funds rate (July), ECB margin lending rate, the ECB monetary policy statement and interest rate decision (July).
• 15:30 – the US data will be released: supplies of civilian means of production (excluding aircraft) (m/m), core durable goods  orders (m/m) (June),  durable goods orders (m/m) (June), goods trade balance (June) and  initial jobless claims.
• 15:30 – the ECB press conference will be held.

The day today is full of significant data, among which, first of all, you should pay attention to data from the ECB.

EUR/USD pair remains under the pressure from pessimism, due to the fact that the market expects the ECB to stimulate the economy or statements about this opportunity. As a result, we can expect a decrease in interest rates on deposit funds and margin loans. The key interest rate is likely to remain at zero. The euro is likely to accelerate the decline in the ECB’s soft rhetoric. Significant support levels: 1.1100, 1.1050 and 1.1020, resistances: 1.1150, 1.1180 and 1.1200.

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Hanzenko Anton

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