EUR/USD today: the pair remains in the correction phase
After Friday’s decline of the EUR/USD pair due to the data on the progress of the tax bill in the US, this pair managed to update the low at 1.1740, which fully met expectations for Friday, and renewed hopes for the resumption of the downtrend in the pair.
Events for today:
- 13:00 – announcement of the index of industrial orders (CBI) in the UK.
The economic calendar is empty, and the data on inflation in the eurozone had almost no effect on the dynamics of the euro.
Given the calm tone of the trades and the movement against Friday from the level of 1.1780-1.1800, one should expect a resumption of the decline, which will be caused by the growth of optimism on the American on the progress of the tax bill. Despite the fact that the market is inclined to promote tax reform in the US, some uncertainty and risks persist.
The pair EUR/USD is expected to resume the decline from the level of 1.1780-1.1800 with further updating of the lows at the levels: 1.1740-30 and 1.1700. Closure of the day above 1.1800-20 cancels the scenario for a decline.
Fig. EUR/USD. The current price is 1.1790.
Hanzenko Anton