EUR/USD today: the pair maintains the downtrend

On Wednesday, the EUR/USD pair trades with a slight decrease, which was caused by the resumption of risks on the US-China trade relations and increased risks on the decline in world stock indices. As a result of American dollar’s growth on Tuesday, this pair has maintained a downtrend in recent months, but is limited to an upward dynamic.

Events for today:

• 15:30  – Labor costs (q /q) (Q3) in the United States.
• 16:45 – data on business activity in the United States: Markit composite business activity index (PMI)  (November) and a business index (PMI) in the service sector (November).
• 21:00 – the Beige Book of the Fed will be released.

The market attention remains focused on the data on the United States and China trade relations. Thus, the market maintains a high level of distrust towards the settlement of this confrontation.

The EUR/USD pair retains some uncertainty about the risks around the US-China trade relations, which remain the main driver of the dollar movement. Technically, this pair is limited by a side triangle and a channel from 1.1360-80 to 1.1320-00. In the next few hours, the EUR/USD pair is prone to correctional growth, but on the higher timeframes there is a downward trend.

Read also: “Emerging markets and their prospects: South African Rand (ZAR)”

Hanzenko Anton

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