EUR/USD today: the pair maintains an uptrend
After the publication of the US Federal Reserve meeting results, the EUR/USD pair was under the pressure, having updated support at 1.1190. The reason for the decline was the statement that the Fed is not going to lower rates yet, but also to raise too. As a result, this pair has updated the low, but retained the overall uptrend.
Events for today:
- At 14:00 – they will publish the Bank of England meeting minutes: the Bank of England’s inflation report, the total amount of the Bank of England QE program (May) and the interest rate decision (May).
- At 14:30 – the speech of the Bank of England Governor Carney
- At 15:30 – the US data will be released: initial jobless claims, nonfarm productivity level (q/q) (Q1), and labor costs (q/q) (Q1).
- At 17:00 – the volume of deliveries of civilian means of production (excluding aircraft) (m/m) and industrial orders (m/m) (mar) in the USA will be announced.
- At 20:30 – the speech of the President of the Bundesbank Weidmann will take place.
The day is filled with significant data, among which the Bank of England meeting results take a special place, which can have an impact through the cross EUR/GBP.
The overall dynamics of the EUR/USD pair remains moderately ascending, despite the strengthening of the US dollar. Also it is worth noting the formation of a flat in the range from 1.1180-90 to 1.1220-30, which is likely to continue. Exit from the sideline may also indicate continued movement. Significant support levels are: 1.1180 and 1.1160, resistances: 1.1220 and 1.1260.
Read also: “The US dollar index (DXY) as an auxiliary indicator
to trade safe haven currencies “
Hanzenko Anton
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