EUR/USD today: the euro remains under the pressure
With the opening of trading on Friday, the EUR/USD pair continues to trade lower on the continued growth of the American dollar. General oversold of this pair and the data on the progress of the US-Chinese trade negotiations should have caused a correction for the American dollar, especially at the end of the week. But the American dollar continues to receive support from the growth of the US state bonds profitability.
Events for today:
- 14:30 – data on expenditures in the United States: core price index for personal consumption expenditures (m/m) (January) and individual expenses (m/m) (January).
- 15:45 – PMI will be announced in Chicago (Mar.) USA.
- 16:00 – data on sales of new housing in the United States.
- 19:00 – number of oil rigs from Baker Hughes in the United States.
The end of the week is full of statistics that will also affect the market. Also today, the next vote on the Brexit deal in the UK Parliament is expected. It may cause a noticeable increase in volatility in European currencies.
EUR/USD is under pressure from the American dollar and is trading near two-week lows. Weakening of this pair below 1.1200 is not to be expected, due to the pair being oversold. From this level correction is possible on technical factors at the end of the week and month. Therefore, a moderate movement in the side channel is expected. Support levels: 1.1200 and 1.1180, resistance: 1.1230 and 1.1250.
Read also: “Equidistant channel – Trading Strategy”
Hanzenko Anton
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