EUR/USD today: the euro is waiting for the ECB protocol - Ester Holdings

EUR/USD today: the euro is waiting for the ECB protocol

Trading on the EUR/USD pair on Thursday remains quite restrained, despite the FOMC protocol published yesterday and data on business activity in the eurozone. This pair maintains the lateral dynamics with a slight decrease in the correction after growth and waiting for the publication of the ECB protocol, which will be released today. At the same time, the trading range of Wednesday from 1.1380 to 1.1320 is preserved.

Events for today:

  • 14:30 – the ECB monetary policy meeting minutes will be published.
  • 15:30 – the US data will be released: non-defense capital goods shipments (excluding aircraft) (m/m), core durable goods orders   (m/m) (December), durable goods orders (m/m) (December), initial jobless claims, Philadelphia Fed index of manufacturing activity  (Feb) and Philadelphia Fed employment index (Feb).
  • 16:45 – data on business activity in the United States: manufacturing business index (PMI) (Feb), Markit composite index of business activity (PMI) (Feb), and service sector index (PMI) in the services sector (Feb) .
  • 17:00 –  a report on sales of real estate in the United States will be published.
  • 18:00 – data on the US oil inventories will be released.

This day is full of data thanks to statistics from the United States. In addition to the ECB protocol, the market will also focus on business activity data (PMI), durable orders and sales in the secondary real estate market in the United States.

The EUR/USD pair maintains the side trend from the start of the day. And it will probably continue until the publication of the ECB meeting minutes. It is expected a maintaining the forecast and the overall mild rhetoric of the ECB, the news itself may cause an increase in activity in the market. The growth of volatility is expected from the data for the United States. The US-China trade talks remain a significant background factor in market volatility .

The upward dynamics towards resistance levels: 1.1400 and 1.1430 is expected to continue for the EUR/USD pair despite the possibility of multidirectional fluctuations. Significant support is located at the levels: 1.1300 and 1.1280.


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Hanzenko Anton

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