EUR/USD today: the euro is under the pressure of optimistic
On Wednesday’s trading, the EUR/USD pair declined on correction after yesterday’s growth and increased optimism in the market. Optimism supported the US dollar. General dynamics of this pair remains restrained and limited by a flat. The trading range is also limited by market restraint while awaiting upcoming US data.
Events for today:
- 15:30 – data on construction in the USA will be released: issued building permits and housing starts.
- 17:30 – the US crude oil inventories will be published
- 21:00 – FOMC economic forecasts, FOMC statement and the Fed interest rate decision will be announced.
- 21:30 – FOMC press conference will be held
The main event of the day, which the market expects, will be an interest rates cut in the United States. Also it is worth to note hints of further Fed monetary policy, which will significantly affect the US dollar.
EUR/USD continues trying to reduce, limiting itself to the upcoming Fed meeting and the side triangle. Prior to the publication of the US Federal Reserve meeting results, a moderate movement is expected from the pair in the range from 1.1010-00 to 1.1070-80. The main level that the pair will adhere to is zone 1.1040-50. As long as optimism persists in the market, the American dollar will continue to strengthen.
Further dynamics of the EUR/USD pair and the dollar as a whole will be determined by the results of the US Federal Reserve meeting. Significant support levels: 1.1100-10990, 1.0940-30 and 1.0900, resistance: 1.1080, 1.1110 and 1.1150.
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Hanzenko Anton
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