EUR/USD today: the euro slows growth against the American dollar

After multidirectional fluctuations on Monday, the EUR/USD pair slowed down, which was expected. Further strengthening of the euro against the American dollar looks very difficult amid the formation of a reversal. Zone 1.1240-60 acts as a strong resistance, which is expected to turn.

Events for today:

• At 15:30 – data on export price index (m/m) and import price index (m/m) (April) in the USA will be published.
• At 23:30 – weekly crude oil reserves will be announced according to the American Petroleum Institute (API) in the United States.

The focus of the market continues to be chained to the US-China trade relations and statements regarding the current situation.

The EUR/USD pair is on a relative decline around the trade standoff and continues to form a technical reversal in the form of a reversal candlestick on the daily timeframe and the head and shoulders pattern on H1. Significant support, limiting the spread, is located at levels: 1.1220-00. The test of this support is possible on the further strengthening of the American dollar. Further reduction of the pair will be limited by the absence of drivers. Strong resistance: 1.1240-60, which is expected to turn.

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Hanzenko Anton

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