EUR/USD today: the euro is trading in the upward channel
Amid aggravation of negative sentiment regarding fears of a trade war, the EUR/USD pair received a support. The growing demand for safe assets and the comments of the President of the United States with a relatively strong US dollar increased the pressure on the American dollar. At the same time, the US dollar itself remains oversold.
Events for today:
- 15:30 – the US data will be released: core consumer price index (CPI) (m/m) (May), core consumer price index (CPI) (y/y) (May) and consumer price index (CPI) (m/m) (May).
The main event of the day will be the publication of an inflation data in the United States, for which expectations remain discreetly positive. These statistics will also have a significant impact on the likelihood of lower rates of the US Federal Reserve.
EUR/USD pair maintains an upward dynamics, receiving support from the risks and weakness of the American dollar. But at the same time, it is limited to the general oversold of the US dollar, which may slow down the growth of this pair. The general expectations for the pair remain ascending, but the possibility of a correction on the publication of an inflation data in the US is not excluded. Resistance levels: 1.1350 and 1.1380, support: 1.1300 and 1.1280.
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Hanzenko Anton
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