State of the Market: the euro accelerated growth

The ECB protocol had almost no impact on the market, in contrast to the very performance of Draghi. Despite the fact that the speech of the head of the ECB was very restrained, there were some positive notes in it. There were some comments on the stable growth of the euro-zone economy. As a result, the pair EUR/USD updated its three-year high at 1.2535. The main support for the single currency was caused not by positive comments from the ECB, but by the absence of negative ones, which the market expected. This caused the growth of the euro on the reduction of pessimism in a single currency, mainly due to restrained growth yesterday.

The US dollar index, despite significant pressure, is very resistant to pressure, and forms a slowdown in decline. At the same time, the market maintains a negative attitude toward the American, which is expressed by the negative dynamics of the US stock indices. The dollar index itself retains the potential to decline, but will be limited to support levels: 88.40 and 88.20, resistance: 89.00 and 89.20.

Graph of the US dollar index. The current price is 88.35.

Anton Hanzenko