EUR/USD today: euro is waiting for the ECB meeting results
At Wednesday’s trading the EUR/USD pair was under considerable pressure caused by increased risks because of the Italian budget and Brexit negotiations, which was greatly enhanced by increased risks in the stock markets. It eventually became a driver for strengthening the safe havon assets.
Events for today:
- 14:45 – ECB interest rate meeting the decision.
- 15:30 – a block of news about the USA : nondefense capital goods shipments (excluding aircraft) (m/m), core durable goods orders (m / m) (September), goods trade balance (September) and initial jobless claims.
- 15:30 – ECB press conference.
- 17:00 – pending home sales (m/m) (September) in the United States.
The main event of the day will be the publication of the ECB protocol and press conference of the ECB President M. Draghi, from whom the market will expect data on interest rates, incentive programs and forecasts for the eurozone economy. The rhetoric of Draghi will also influence the euro.
The EUR/USD pair remains restrained before the ECB protocol and is likely to maintain the trading range from 1.1420-30 to 1.1380-70 before the release of the report. Further euro dynamics will depend on the ECB protocol and Draghi’s speech. Support levels are: 1.1350-60, 1.1320-00 and 1.1280, resistances are: 1.1450, 1.1470-80 and 1.1500-20.
Read also: “Government bonds as a leading indicator of the foreign exchange market”
Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- Dow Theory – the basics of technical analysis.
- The US economy continues its growth, confirming the rates hike policy.
- Prospects for recovery of emerging markets.
Current Investment ideas: