EUR/USD today: the euro remains under the pressure
After some short-term growth attempts at the start of the day, the EUR/USD pair accelerated the decline on data on business activity in the eurozone. This pair completely broke the upward trend of the last two weeks. Additional support for the American dollar provided data on the slowdown in the US-China trade negotiations and the high probability that Brexit could take place without a deal.
Events for today:
- 15:45 – Release data on business activity in the US: manufacturing business index (PMI) (mar) and business index (PMI) in the services sector (Mar).
- 16:00 – data on real estate in the United States: data on the secondary housing market (Feb).
- 19:00 – Announce the number of Baker Hughes oil rigs in the US.
After the collapse of the euro, the EUR/USD pair remains under the pressure, but is also limited by oversold. In the face of growing negative sentiment and position correction at the end of the week, downward sentiment in the market will continue.
The EUR/USD pair is likely to continue moving near the weekly lows, limited to the trading range from 1.1320-30 to 1.1280-70. At the same time, it is worth noting a significant oversold of the euro against the dollar, which may cause the formation of a movement against Friday.
Read also: “Divergence – common mistakes when trading”
Hanzenko Anton
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