EUR/USD today: the euro is limited by overbought
The EUR/USD pair accelerated the growth on the escalation of the trade war between the US and China. In this situation, the euro acts as the safe haven currency, but is limited to risks in Europe and weak statistics.
Events for today:
- 16:45 – the US data will be released: Markit composite business activity index (PMI) (July) and business activity index (PMI) in the services sector (July).
- 17:00 – ISM of employment index in the non-manufacturing sector (July) and ISM of business activity index in the non-manufacturing sector (PMI) (July) USA will be published.
The risks of a trade war set the mood in the market and remain the main driver of trading.
The EUR/USD pair maintains an upward trend on the risks and weaknesses of the US dollar, limiting itself to overbought and resistance levels: 1.1160 and 1.1180. It is also worth noting the monthly downtrend, which is a significant resistance to the further strengthening of the euro. This contributes to the formation of a reversal in the price range of 1.1180-1.1200. The risks of a trade war set the main tone of trading, the exacerbation of it may put an additional pressure on the dollar.
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Hanzenko Anton
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