EUR/USD today: the pair is limited by a downtrend

On Friday trades the EUR/USD pair closed with a slight increase on the correction of positions before the weekend. General downtrend for this pair is maintained, limited to the existing correction. At the same time, the restraint of the pair is caused by the limited movement in the market and the US currency.

Events for today:

• 15:30 – US expenditure report: core price index for personal consumption expenditures (y/y) (sep), core price index for personal consumption expenditures (m/m) (sep) and personal spending (m/m ) (Sep)

The main driver of the market is the growth of optimism in the stock markets, which also put pressure on safe assets, including the US dollar.

The EUR/USD pair maintains a two-week downtrend, the upper limit of which is located at the level of 1.1410-30. In conditions of maintaining optimism in the market and corrective movements on the dollar, a test of resistance levels is possible: 1.1420 and 1.1450. At the same time, general downtrend for the pair is preserved and we can expect a test of support levels: 1.1320-00 and 1.1280 with a break of support at 1.1380-60.

Read also: “Momentum indicator is a great assistant in trade”

Hanzenko Anton

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

Topical articles of the trader’s blog:

1. GDP of the world’s fast-growing economies
2. Dow Theory – the basics of technical analysis.
3. The US economy continues its growth, confirming the rates hike policy.

Current Investment ideas:

1. Easier on corners! Intel shares can bring a good profit on the reversal!
2. The consumer giant is weakening to resume the growth! Connect!