EUR/USD today: the euro is under the pressure of correction
After the US Fed lowered its outlook for economic growth and inflation, and completely dispelled market expectations for rate hikes this year, the EUR/USD pair updated a high of 1.1445, fully meeting expectations of a strengthening, but also pointing to its significant overbought. As a result, a correction can be traced at the opening of trading on Thursday.
Events for today:
- 14:00 – the results of the Bank of England meeting will be announced: the total amount of the Bank of England’s QE program (Mar) and the interest rate decision (Mar).
- 14:30 – the US data are coming out: current account balance (Q4), initial jobless claims, Philadelphia Fed manufacturing activity (Mar) and Philadelphia Fed employment index (Mar).
The main event of the day will be the publication of the Bank of England meeting results. Correction of positions on the pound may also slow the decline of the euro through the cross-rate EUR/GBP.
EUR/USD pair remains in the correction phase after growth. As a result, the expected test levels of support: 1.1380 and 1.1360. It should be noted that the upward trend in this pair is maintained, but will be limited to resistance levels: 1.1410 and 1.1430.
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Hanzenko Anton
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