EUR/USD today: the pair remains in the descending channel - Ester Holdings

EUR/USD today: the pair remains in the descending channel

Trades on EUR/USD on Friday closed with the renewal of the annual minimum at the level of 1.1640, which was caused by the persistence of political risks in the euro area. The unexpected increase in optimism on strengthening of the the stock markets of the Asian-Pacific region at the beginning of the week, in turn, provoked a rapid move against Friday. But optimism, which set the sentiment of the market, was not transferred to European sites, as a result, the pair formed a flat. And so high volatility can be explained by the reduced activity in the market due to a weekend in the UK and the US.

The economic calendar is empty today, and in the second half a significant decrease in activity is expected.

The EUR/USD has shown volatility of about 60 points since the beginning of the day, for obvious reasons, only on the sentiment of the market. In this case, the pair returned to the downward channel, which moves from April 20, which confirms the existing trend. Today, trading is expected in the trading range of Friday. Support levels: 1.1650 and 1.1620, resistance: 1.1700 and 1.1730.

Fig. EUR/USD. The current price is 1.1670.

Also, read: “Correction in Elliott Wave Theory”

Hanzenko Anton

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