EUR/USD today: the euro is near significant resistance
From the start of the day, the EUR/USD pair has shown a rapid growth on the general decline in the American dollar, the growth of optimism and positive data on business activity in the eurozone services sector. This allowed this pair to correct after a decline last week and move on to the correction phase.
Events for today:
- 15:30 – the US data will be released: export volume, import volume and trade balance (July).
- 21:00 – will publish the Beige Book of the US Federal Reserve.
The day today is also full of a number of speeches by the Fed representatives, which will also affect the dynamics of the American dollar. The overall market dynamics continues to depend largely on sentiment.
The EUR/USD pair reached a significant resistance levels: 1.1020 and 1.1040 after growth yesterday and today, from which one could expect a reversal or formation of a flat. But, given the current mood and the possibility of pressure on the dollar by the Fed, further growth of the pair to resistance levels is not excluded: 1.1060 and 1.1080.
A formation of flat is expected with the return of pessimism to the market.
Support levels are: 1.1000 and 1.0970.
Read also: “Prospects for the USD/JPY for early July”
Hanzenko Anton
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