EUR / USD today: the pair under pressure of correction (Anton Hanzenko)
At the Thursday trades, the pair EUR / USD renewed the monthly high at 1.1840, helped by the growth of optimism after a statement by ECB representative Praet about the possibility of curtailing the incentive program in the euro area. But by the end of the day, the American dollar adjusted for the weak growth of US stock indices, which eventually became a reason for the negative on the buildings and the flight of investors from risks against the background of the G7 summit start.
Events for today:
- 20:00 – the number of drilling rigs in the US from Baker Hughes.
The main focus of the market remains focused on the G-7 summit, which starts today in Canada. From this meeting will also expect new data on the trade confrontation of the United States.
In the face of rising risks, the pair EUR / USD will remain under pressure, thereby triggering correction of the American dollar. At the same time, the pair’s decline is limited by the upward trend of recent weeks and will be limited by support levels: 1.1740-50 and 1.1720-00. Volatility in the statements of the G7 meeting is possible. Resistance levels: 1.1790 and 1.1830-40.
EUR / USD Chart. Current price – 1.1760
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Hanzenko Anton