EUR/USD today: the pair continues to grow - Ester Holdings

EUR/USD today: the pair continues to grow

After a restrained correction on Tuesday, with an update of 1.1230 low, the EUR/USD pair returned to growth and is testing a new resistance level of 1.1280. Pressure on the American dollar continues to have a growing likelihood of  rates cut in the United States.

Events for today:

  • 15:15 – ADP nonfarm employment change (May) in the United States will be announced.
  • 16:45 – Markit Composite Business Activity Index (PMI) (May) and Services Services PMI (PMI) will be released in the US (May).
  • 17:00 –  ISM employment index in the non-manufacturing sector (May) and ISM non-manufacturing business index (PMI)   (May) USA will be published.
  • 17:30 –  crude oil stocks in the United States will be published.
  • 21:00 – The Beige Book of the US Federal Reserve will be released.

The day today is full of data for the US, but it is worth highlighting the data on the change in the number of people employed in the non-agricultural sector from ADP (May) in the US, which will have a significant impact on the American dollar before the Friday employment report in the US.

The EUR/USD pair maintains upward dynamic on the weakness of the dollar. With the oversoldness of the American dollar and waiting for an employment data in the US, the sale of the American dollar is likely to slow down. This will depend on today’s data on the change in the number of people employed in the US non-farm sector from ADP. Significant resistance for the EUR/USD pair is at the levels: 1.1300 and 1.1320, from which the rebound is possible. It is worth noting the strength of upward dynamics and support levels: 1.1250 and 1.1230-20.


Read also: “Long-term investments in currency pairs!
The EUR/JPY pair “

Hanzenko Anton


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