EUR/USD today: the pair is under the pressure

Despite the positive market expectations, the EUR/USD pair weakened significantly at the start of the week. The reason for the sale of the euro in the first half of the day was the data that the ECB announced about the maturitites of loans. This, in turn, caused the weakness of the euro and the growth of pessimism in the market. But at the opening of trading in Europe remained very optimistic expectations.

Events for today:

• 15:30 – US producer price data will be released: producer price index (PPI) (m/m) (December), NY Empire State production index (January) and producer price index (PPI) (m/m) ( December)
• 17:00 – the speech of the ECB President Draghi will take place.

The speech of the ECB President Draghi will have a more significant impact on the market after the euro declines on the ECB statement. Therefore, a decrease in euro activity is possible before the speech of the head of the ECB.

The EUR/USD pair continues to trade at significant support: 1.1420-00, which meets the boundaries of trade channels. Also it is worth noting the oversold of the pair, which limits its further decline. Therefore, before the Draghi speech, a moderate correction to resistance levels is possible: 1.1450 and 1.1470.

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Hanzenko Anton

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