EUR/USD today: the pair maintains the side channel

After multi-directional trading on Tuesday, the EUR/USD pair updated a low at 1.0990. This could be regarded as a signal to exit the flat and the formation of a reversal. But due to the rapid decline of the American and the return of the pair to the side channel, the restraint of the euro relative to the American remained, showing the market’s unpreparedness for unidirectional movements.

Events for today:

• 15:30 – core retail sales index (m/m) (September) in the USA will be announced.
• 17:00 – the US data will be published: business inventories (m/m) (Aug) and retail inventories excluding automobiles (Aug).
• 21:00 – The Beige Book of the US Federal Reserve and the report on the implementation of the US federal budget will be released.

The EUR/USD pair remains in the side channel from 1.1050-60 to 1.0990-1.1000 after attempts to reduce, actually maintaining an uptrend, but limiting itself to market uncertainty. Further movement of the pair in this channel will cast doubt on the safety potential to strengthen. The main driver for the movement of this pair remains the geopolitical risks associated with the Brexit deal and the US and China trade war.

Read also: “Trade signals results for half a year”

Hanzenko Anton

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