EUR/USD today: the pair is limited to a downtrend

Trading on Wednesday closed with the rapid growth of the EUR/USD pair, which was due to the announcement of the removal of part of the requirements in the negotiations Brexit. As a result, the euro and the pound gained strength across the market.

Events for today:

• 15:15 – ADP nonfarm employment change  (Aug) in the US.
• 15:30 – the US data : the number of initial jobless claims, nonfarm productivity level (q/q) (Q2) and labor costs (q/q) (Q2).
• 17:00 – data for the USA: the volume of shipments of nondefence goods (without aircraft) (m / m), durable goods orders (m / m), factory orders (m / m) (July) and  ISM index of business activity in the non-manufacturing sector (PMI) (Aug).
• 18:00 – data on oil inventories in the United States.

The day is very busy with statistics on the United States, but it should be noted that the market will expect tomorrow’s employment report in the US (NFP). As a result, the dynamics of the dollar may be limited.

The EUR/USD is limited to a two-week downtrend, which may serve as a driver for the resumption of the decline. In turn, the expectation of an employment data in the US will limit the dollar’s movement. Significant resistance is located at the levels: 1.1650 and 1.1670. Support are at the marks: 1.1600 and 1.1550.

Read also: “Moving Averange as an indicator of the strength of the trend”

Hanzenko Anton

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