EUR/USD today: the pair remains in a sideways trend
After yesterday’s widespread decline in the US currency due to data on the revision of the Trump tax reform, the pair EUR/USD managed to update the weekly high at 1.1650. This confirmed the alternative expectations for the pair over the past day.
Events for today:
- At 11:30 – publication of a block of data on Great Britain: the volume of industrial production in Great Britain ( m/m), the volume of production in the manufacturing industry in the UK (m/m) and the trade balance in the UK.
- At 20:00 – announcement of the number of drilling rigs in the US by Baker Hughes.
- At 21:00 – release of the report on the execution of the US federal budget.
The day is not full of news, but trading may be very volatile due to data on tax reform in the US.
The pair EUR/USD is limited by resistance levels: 1.1650 and 1.1680. From these levels it is necessary to expect correction with the test of support 1.1600 and 1.1550. Despite the fact that the pair is trading in flat zone, the US dollar and the market remain very nervous and depend on fundamental factors. Therefore, unjustified volatility outbursts are possible.
Recommended for reading: Technical Analysis
Hanzenko Anton