EUR/USD today: the pair maintains an upward momentum, and the market remains uncertain
Trading on Monday closed by the lowering of the American, despite the positive statistics on the US. The reason was aggravation of geopolitical risks and concerns about trade relations. As a result, the dollar remains under pressure throughout the entire spectrum of the market.
Events for today:
- 15:30 – data on real estate in the US.
- 16:15 – the volume of industrial production in the US (m/m).
- 23:30 – weekly stocks of crude oil in the United States according to the American Petroleum Institute (API).
The descending dynamics of the American has slowed at the output of weak statistics across Europe, thereby provoking a correction. But, despite this, the negative sentiment regarding the US dollar persists.
The pair EUR/USD managed to update the April’s high, thereby indicating the upward trend, but weak statistics on the euro zone caused a correction. As a result, this pair is limited to correctional movement and support levels: 1.2380 and 1.2350-60. In conditions of risk preservation, the general upward trend is likely to continue, but so far it will be limited to the level of 1.2400-1.2420.
The EUR/USD remains largely in overbought, which may cause a more significant decline. Thus, consolidating the pair below 1.2370 will indicate a correction to 1.2350-40, but it will be limited by an uptrend and existing risks.
Fig. EUR/USD. The current price is 1.2380.
Hanzenko Anton