EUR/USD today: the euro remains under the pressure
The EUR/USD pair on Monday trades updated a low at the level of 1.1300, which was caused by the aggravation of negative sentiment in the market and the strengthening of the American dollar. The reason for pessimism remains negative market expectations regarding trade relations and, last but not least, the United States and the eurozone.
Events for today:
- 16:45 – data on business activity in the USA is coming out: Markit’s composite business index (PMI) (Feb) and business index (PMI) in the service sector (Feb).
- 17:00 – the US data will be released: ISM employment index in the non-manufacturing sector (Feb), ISM non-manufacturing business index (PMI) (Feb) and new home sales (m/m) (December).
- 17:35 – Speech by the Governor of the Bank of England Carney.
- 21:00 – a report on the execution of the US federal budget (January) will be published.
- 23:30 – API weekly crude oil inventories will be published in the United States.
The economic calendar today is full of events. In the afternoon, the market’s attention will be focused on the US data, which will set the mood in the market.
The EUR/USD pair accelerated its decline on Monday, confirming expectations for a reversal and a resumption of decline. The oversold of this pair may slow down the dynamic. Therefore, a moderate correction to resistance levels 1.1350 and 1.1370 is possible. Expectations to reduce the euro against the US dollar persist. Significant support levels are: 1.1290 and 1.1230.
Read also: “Prospects for the recovery of emerging markets”
Hanzenko Anton
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