EUR/USD today: the pair is near significant level

The EUR/USD pair accelerated growth and updated the current week high against the background of weak data on business activity in the USA and the aggravation of risks. Thus, the pair showed signs of a slowdown in the downtrend and corrected after a long decline. But on the inability to gain a foothold above the significant resistance of 1.0950, the pair maintained a downtrend.

Events for today:

• 15:15 –  ADP nonfarm employment change (September) in the United States will be announced.
• 17:30  – Crude oil inventories in the United States.

In the face of continued negative market sentiment and expectations of the US employment data, the dynamics of the EUR/USD pair will remain moderately upward. We can talk about a reversal after consolidating above 1.0950-60, which is possible on weak US data. So far, this pair is limited to attempts of correction after a decline and a downtrend. Resistance levels: 1.0950 and 1.0970, support: 1.0900 and 1.0880.

Read also: “How Real is the US Currency Intervention”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

Topical articles of the trader’s blog:

1. Stock indices are ready to renew a historical high
2. What indicators choose Forex traders (Part 1)
3. The results of the ECB September meeting for the global economy

Current Investment ideas:

1. Several reasons to buy Cisco Systems, Inc. shares in October. Let’s earn Together!
2. Technology giant Microsoft is getting ready to storm new highs! Let’s make money on it!