EUR/USD today: the pair remains under the pressure

The EUR/USD pair at the trading on Thursday continues to remain under the pressure, maintaining general downward trend. Before the opening of the European trading session, the euro has updated a low at the level of 1.1240 against the US dollar. The reason for this was the negative sentiment on the stock markets in Asia. The growth of optimism in the background areas of Europe slowed down the decline of this pair, but maintained the downward trend.

Events for today:

• 14:30 – the US GDP will be released: GDP (q/q) (Q4), GDP deflator (q/q) (Q4) and initial jobless claims.
• 15:00 – German consumer price index (CPI)  (m/m) (March) will be announced.
• 16:00 – pending home sales (m/m) (Feb) will be released in the USA.

The day today is full of statistics, among which a special place is occupied by data on the US GDP. While waiting for this statistic, a moderate correction of dollar positions is possible. Therefore, it is also worth reducing possible losses on short positions in the EUR/USD pair.

Prior to the release of data on the US GDP from the EUR/USD pair, we should expect a movement in the lateral range near the opening of the day from 1.1260 to 1.1230. Despite weak expectations in the US, the downward trend of the pair remains. The further dynamics of the pair and the dollar as a whole will largely depend on the published statistics on the US GDP. Significant resistance levels: 1.1270 and 1.1300, support: 1.1220 and 1.1200.

Read also: “Elliott Waves: Wave Formations”

Hanzenko Anton

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