EUR/USD today: the pair is pending US data
On Monday, the pair EUR/USD renewed a maximum of two weeks at 1.1990, but could not gain a foothold near this level. Increase in profitability of the US state bonds resumed optimism for the American and reminded the market about the overall downward dynamics of the pair.
Events for today:
- 15:30 – data on the US: the base retail sales index in the US (m/m), the NY Empire State manufacturing activity index (USA), the US retail sales volume (m/m), the inventory volume in the USA (m/m).
- 23:00 – the volume of purchases of long-term securities of TIC USA.
- 23:30 – weekly stocks of crude oil in the United States according to the American Petroleum Institute (API).
Despite a significant amount of news, today the statistics for Europe was taken very coolly. Therefore, the data on the US market will recoup. The upcoming US data has a direct impact on inflation in the US, which, in turn, remains highly controversial.
The pair EUR/USD broke through the corrective ascending channel, thereby indicating the possibility of the resumption of the overall downward dynamics, which was previously interrupted by weak data on inflation in the US. If the US statistics prove positive, the American will get support and the pair will confirm the reversal, which will open the way for sellers to mark: 1.1890 and 1.1860. Otherwise, one should expect the pair to return to an uptrend. Resistance levels: 1.1970 and 1.2000.
Fig. EUR/USD. Current price – 1.1930
Hanzenko Anton