EUR/USD today: the euro remains under pressure from rising dollar

The European Wednesday session opened with a noticeable decline in the EUR/USD pair, which was caused by weak eurozone statistics and attempts to increase optimism in the stock markets, which returned investors’ attention to the US currency. At the same time, we should not forget about the political risks in the eurozone, which continue to put pressure on the euro.

Events for today:

• 16:45 – data on business activity in the United States.
• 17:00 –  statistics on new home sales in the United States.
• 21:00 – the publication of the Beige Book by the US Federal Reserve will take place.

The main factor for the decline in the EUR/USD pair is the resumption of optimism on the American dollar, which is facilitated by optimism in the stock markets.

The EUR/USD pair is limited by oversold and the lower boundary of the downward channel at the level of 1.1400-1.1380, from which one should expect a rebound. Against the background of the upcoming news in the US, optimism about the American dollar may increase, but it will be limited to support levels: 1.1360-50. Resistance is located at levels: 1.1430 and 1.1450.

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Hanzenko Anton

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