EUR/USD today: the pair remains under the pressure

On Wednesday, the EUR/USD pair has updated a low at the level of 1.1130-20, thereby confirming the downward trend against the euro. The pressure on the euro intensified amid growing concerns about the economic stability of Italy, which is threatened with fines for increasing debts. The overall dynamics of the market and this currency pair remains restrained, moderately adjusting after yesterday’s decline.

Events for today:

• 15:30 – the US data will be released: GDP (q/q) (Q1), GDP deflator (q/q) (Q1), foreign trade balance (April) and the initial jobless claims.
• 17:00 – index of pending home sales  (m/m) (Apr) in the US will be published

The main event of the day and week remains the data on the US GDP deflator GDP, which reflect the state of the US economy. Waiting for this statistic activity in the market is reduced.

The EUR/USD pair is trading discreetly at the start of the day, waiting for data on the US GDP. The overall downward trend for the American dollar is preserved, but a surge in volatility is possible on the upcoming data. Therefore, it is recommended to reduce the risks before the release of statistics for the United States. The dynamics of the EUR/USD pair remains downward, limited to resistance levels: 1.1150 and 1.1170. Support is located at the levels: 1.1100 and 1.1080.

Read also: “Elliott Waves: Zigzag and Plane”

Hanzenko Anton

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