EUR/USD today: the euro resumes a decline

At Wednesday’s trading, the EUR/USD pair resumed its decline, after attempts of correction on the general weakness of the US dollar. At the same time, a significant resistance was made by the level of 1.1340, from which was a rebound. In fact, this pair corrected after a long decline and opened the way to a new wave of sales by working on the “double top” on the daily timeframe.

Events for today:

• 15:30 – the US data will be released: core consumer price index (CPI) (m/m) (January), core consumer price index (CPI) (y/y) (January), consumer price index (CPI) (m/m) (Jan) and labor costs (q/q) (Q4).
• 17:30 – oil reserves in the United States.
• 21:00 – the US federal budget balance (December).

Today is a day full of data for the United States, among which inflation data deserve special attention. At the same time, the market remains very optimistic, despite the US dollar attempts to restore.

The EUR/USD pair retains its potential for decline, but is limited by optimism and support levels: 1.1300 and 1.1270. A break of this zone will indicate a resumption of the downward trend. Resistance is located at the levels: 1.1340 and 1.1360, the update of which will indicate the break of the downtrend.

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Hanzenko Anton

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