EUR/USD today: the pair forms a restrained downtrend
After a weekly movement in the flat, the EUR/USD pair shifted to a restrained downward trend, in fact preserving the trading range of the flat from 1.1220-30 to 1.1180-60 and shifting the priority of movement from side to down.
Events for today:
- 15:30 – inflation data in the USA will be released: core consumer price index (CPI) (m/m) (July), core consumer price index (CPI) (y/y) (July) and consumer price index (CPI) (m/m) (July).
From the start of the day, the EUR/USD pair has been trading in different directions, due to the growth of pessimism on the stock exchanges. Thus, a decline in key Eurozone stock indices is supporting the euro. Separately, it is worth highlighting the risks of a slowdown in the US economy on trade risks and upcoming inflation data in the United States, which put additional pressure on the American dollar.
This pair maintains a downward trend, limited by resistance levels: 1.1210 and 1.1230. On the weak US data, it is possible to break through these levels, but the overall lateral dynamics for the pair will remain. Support levels: 1.1150 and 1.1130.
Read also: “Stock Indices: the US Market”
Hanzenko Anton
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