EUR/USD today: the euro keeps growing
The EUR/USD pair continues to grow on the weakness of the US currency. The reason for the weakening of the US dollar is the growth of optimism in the market and the strengthening of risky assets. As a result, this currency pair made a significant resistance of 1.1040.
Events for today:
- 15:15 – ADP nonfarm employment change (Aug) in the United States will be announced.
- 15:30 – the US data will be published: initial jobless claims, the level of productivity in the non-agricultural sector (q/q) (Q2) and labor costs (q/q) (Q2).
- 16:45 – there will be a business activity index (PMI) in the services sector (Aug) in the USA.
- 17:00 – data on the United States will be released: nondefence capital goods shipment (excluding aircraft) (m/m), durable goods orders (m/m), industrial orders (m/m) (July), ISM non-manufacturing employment (Aug) and ISM non-manufacturing sector activity index (PMI) (Aug).
The day today is very saturated with data on the US, which will increase volatility in the US currency. At the same time we should not expect a significant acceleration of the decline in the US dollar in conditions of the oversold of the American dollar.
The EUR/USD pair maintains the upward trend, limited by overbought. With the consolidation of this pair above 1.1040, a test of resistance levels 1.1060-80 is expected. But it is worth to noe the upcoming US data, which may increase the sale of the dollar and cause a correction. The return of the pair below 1.1040-20 will indicate a correction to the support levels: 1.1000 and 1.0980.
Read also: “Cryptocurrencies as a new safe haven assets”
Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- Currency is a weapon in a trade war!
- How far the prospects for USD/JPY may be downward
- What does the US Fed Chairman Powell statement mean for the US dollar
Current Investment ideas: