EUR/USD today: the euro is under the pressure of downtrend
A EUR/USD pair on Monday trades showed a moderate decline on the overall strengthening of the American dollar. At the trading on Tuesday there is a similar situation with the growth of the US dollar. Market dynamics are largely due to technical factors that are aimed at strengthening the American dollar.
Events for today:
- 16:45 – the US data are released: Markit Composite Business Activity Index (PMI) (January) and Business Services Index (PMI) in January (January).
- 17:00 – data on business activity in the United States will be published : ISM non-manufacturing employment index (January) and ISM non-manufacturing business index (PMI) (January).
In the conditions of preserving the existing dynamics, it was worth expecting a continuation of the decline of the euro against the US dollar. It is also worth noting the upcoming data on the United States, which at a very quiet trades can be perceived very badly.
EUR/USD is expected to decline further to support levels: 1.1400 and 1.1380. Resistance is located at levels: 1.1430 and 1.1450. Flat formation is also possible on low active trades.
Read also: “How to trade CFD contracts with Ester Holdings Inc.”
Hanzenko Anton
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