EUR/USD today: the pair is testing a significant support

The EUR/USD pair, after declining on moderate inflation data and very negative comments from the ECB President, is testing a significant support at 1.1320-00, which, in turn, meets the lower boundary of the upward channel. In the face of growing optimism it serves as a significant support for resuming euro growth against the US dollar.

Events for today:

• 15:00 – President Bundesbank Weidmann will speak.
• 16:15 – data on industrial production in the United States: industrial production (m/m) (oct) and industrial production (y/y).

The EUR/USD pair retains a tendency to grow at a rebound from the support level of 1.1320-00, but can meet resistance at 1.1350-60, breaking through which will open the way to resistance levels: 1.1380 and 1.1400. Significant support is the marks: 1.1320 and 1.1300.

Read also: “Three pillars of technical analysis.”

Hanzenko Anton

 

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