EUR/USD today: the pair maintains an upward correction
After restrained attempts to reduce on the growth of optimism in the market, the EUR/USD pair resumed the growth on the resumption of growth of pessimism and the weakening US dollar. As a result, the Thursday high of 1.1020-30 was updated, which indicated the possibility of a reversal.
Events for today:
- 15:30 – the US data will be released: core retail sales index (m/m) (oct), export and import price index (m/m) (oct), NY Empire State manufacturing activity index (November) and retail sales (m/m) (oct).
- 16:15 – the volume of industrial production (y/y) (oct) in the United States will be released.
- 17:00 – business inventories (m/m) (September) and inventory in retail trade excluding automobiles (September) in the United States will be published.
- 20:00 – the number of active drilling rigs from Baker Hughes in the United States will be announced.
The day today is very saturated with data on the United States, among which data on retail sales are worth highlighting.
In the face of continued pessimism in the market and waiting for the data on sales in the US, the US dollar will remain under the pressure. But it is worth considering the upcoming statistics for the United States and the technical correction of positions at the end of the week. It will be possible to talk about a downward trend reversal in recent weeks after consolidating above the level of 1.1040-50 and overbought unloading. In the meantime, the EUR/USD pair is limited by the side channel from 1.1040 to 1.0990, which is likely to continue under uncertainty.
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Hanzenko Anton
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