EUR/USD today: the euro keeps an uptrend

After yesterday’s growth, the EUR/USD pair remains in a narrow uptrend. The reason for the decline of the American dollar were several factors: the decline in the profitability of the US state bonds, that was connected with the collapse of stock exchanges, the frequent criticism of the Fed by US President Trump and the promotion of  Brexit negotiations, which made the euro and the pound more attractive to investors. As a result, the EUR/USD pair returned to significant resistance at 1.1550.

Events for today:

• 14:30 – the ECB meeting minutes on monetary policy will be published.
• 15:30 – US consumer price data: core consumer price index (CPI) (m/m) (September), core consumer price index (CPI) (y/y) (September), consumer price index (CPI) (m /m) (September) and  initial jobless claims.
• 18:00 – data on US oil inventories.
• 19:00 –  WASDE report in the USA.
• 21:00 –  the US federal budget balance.

The economic calendar today is saturated with data. The focus of the market will be on the publication of the ECB protocol and US consumer price data, which may cause a significant increase in market volatility. Also, stock indices remain a significant market driver.

EUR/USD, after updating the maximum at 1.1570, was under pressure from the correction and is testing the lower limit of the upward channel, omitting the upcoming news and maintaining the existing dynamics, we can expect the resumption of growth of the euro against the US dollar with test resistance levels: 1.1580 and 1.1600-30. The support is the marks 1.1520-00. Do not forget about the upcoming news.

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Hanzenko Anton

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