EUR/USD today: the market is limited by low activity

Low activity remains on Friday and Monday trading on this currency pair and the market in general, which is caused by the celebration of Easter holidays. As a result, the euro continues to trade in a restrained uptrend on correction after the collapse on Thursday. An additional driver for the recovery of the pair are weak Friday data on construction in the US.

Events for today:

• At 16:45 – the manufacturing business index (PMI) (April) will be released in the USA.
• At 17:00 – will publish sales in the secondary housing market (March) USA.

The growth of activity should be expected closer to the US trading session and the publication of data on the United States.

In conditions of low activity, the EUR/USD pair is trapped in a narrow upward correctional channel, which, in turn, is overbought. At the opening of trading in the US and the resumption of normal activity, we should expect an update of support levels: 1.1230 and 1.1220. Significant resistance is located at the levels: 1.1260 and 1.1270, which can be updated on negative sentiments on the American dollar.

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Hanzenko Anton

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