EUR / USD today: the euro returns to growth
At the trades on Monday, the EUR/USD pair fully met expectations for growth, but without a pullback, which made entry in these conditions very risky. On Tuesday, the EUR/USD pair continues to show growth, limiting resistance levels 1.1730-50.
Events for today:
- 15:30 – the US news block: core price index of personal consumption expenditure (y / y) (June), core price index of personal consumption expenditure (m / m) (June), employment cost index (q/q) (2 q.), personal spending (m / m) (June).
- 16:00 – S&P/CS House Price Index Composite-20 without seasonal fluctuations (y / y) (May).
- 16:45 – index of business activity (PMI) in Chicago (July) in the US.
- 17:00 – consumer confidence index CB (July) in the United States .
Ambiguous data on the euro zone contribute to the correction of the pair, but the main word is behind the stock markets, which are traded with a decrease, supporting the euro.
Due to overbought pair EUR/USD and weak data for the euro area, we expect to see a reversal from the resistance level 1.1730-50, which will open the way for a low-key correction to the support levels: 1.1680 and 1.1640.
Read also: “Forex Strategy – They Slip, and You Earn”
Hanzenko Anton
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