EUR/USD today: the pair remains overbought

After Friday’s high of 1.1320, the EUR/USD pair continues to strengthen and gain support from optimism in the stock markets and the weakness of the American dollar. But It should be noted that the pair is significantly overbought and the significance of resistance is 1.1320-30.

Events for today:

• At 15:30 – NY Empire State manufacturing activity index (April) will be released in the USA.
• At 19:00 – a speech by a member of the Monetary Policy Committee, Mr. Haskell of Great Britain, will take place.
• At 23:00 – the volume of purchases of long-term securities TIC (Feb) will be issued in the USA.

The economic calendar is very restrained today and will have a secondary impact on the market. The main driver of the market are general sentiment and fundamental factors.

The EUR/USD pair maintains an upward trend, limited to overbought and resistance 1.1320-30. In this situation, we can expect a correction against Friday with a test of support: 1.1300 and 1.1270. After you can  consider with the purchase deals. Update of the highs will be limited and will strengthen the correction.

Read also: “Euro (EUR) – Features of Trading on Crosses”

Hanzenko Anton

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