EUR/USD today: the pair is limited to correction

At the trading on Tuesday the EUR/USD pair were closed with a significant decline, which met expectations of a decline in the euro against the US dollar. The reason for the decline of this pair was the general strengthening of the American dollar on the possibility of exacerbating US foreign policy.

Events for today:

• 15:30 – US GDP data will be published: GDP (q/q) (Q3), forecast 3.5%, GDP deflator (q/q) (Q3) and foreign trade balance (October).
• 17:00 – data on real estate in the US: new home sales (m/m) (October) and new home sales  (October).
• 17:30 – a report on oil inventories in the United States.
• 19:00 – the speech of Fed Chairman Mr. Powell will take place.

Today is a day full of statistics on the United States, among which particular attention should be paid to GDP data and the speech of the Fed Chairman. This, in turn, acts as a deterrent to the American currency, so it is possible a correction of the American dollar.

The EUR/USD pair is actually limited by the side channel from 1.1270-60 to 1.1300-20, which is limited by the downward channel that is limited to oversold and the possibility of correction. With all this, the market expects data for the United States, which will set the direction of the dollar. Significant support levels are: 1.1270-50 and 1.1230, resistances are: 1.1300 and 1.1340-50.

Read also: “European Stock Market: London Stock Exchange”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

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