EUR/USD today: the euro moved to the correction - Ester Holdings

EUR/USD today: the euro moved to the correction

Trading on Tuesday closed with another decline in the euro, which was caused by the escalation of the growth of the Italian budget deficit. As a result, the EUR/USD pair updated  a week’s low at the level of 1.1310. In moderate trading on Wednesday morning, there was a very low activity against the euro, which was due to the persistence of risks.

Events for today:

  • 15:30 – US inflation data are coming out: core consumer price index (CPI) (m/m) (November), core consumer price index (CPI) (y/y) (November) and consumer price index (CPI) (m/m) (November).
  • 17:30 – data on oil inventories in the United States.
  • 21:00 – US federal budget balance (November).

The main driver for the recovery of the euro against the dollar was evidence that the British Prime Minister received government support, thereby reducing the risks that the UK would receive Brexit without a deal. Also, this news significantly reduced the risks throughout the eurozone.

EUR/USD on the growth of optimism has moved to the correction and strayed from support levels: 1.1300-20. Further strengthening of the pair is limited by overbought and resistance. 1.1380-60, which act as a reversal zone. For the time being, the pair is likely to remain in the daily range, waiting for confirmation of the UK data and limited to a two-week side channel.


Read also: “Correlation Strategy for Trading in the Forex Market”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

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