EUR/USD today: the pair is limited to overbought

At the beginning of the day, the pair EUR/USD renewed a two-week high at 1.1540, which was caused by a general decline in the dollar after Trump’s criticizing the Fed policy. As a result, there is a clear movement in the market against the dollar, which is limited by its oversold.

Events for today:

• 13:00 – index of industrial orders (CBI) (Aug) in the UK.
• 23:30 – weekly stocks of crude oil according to the American Petroleum Institute (API) in the United States.

The main driver for today and the next few days remain the expectations of the results of negotiations on the US and China trade agreements and Trump’s policy, which, after criticizing the Fed, could put pressure on the US dollar.

The EUR/USD pair is technically limited to overbought and resistance level 1.1550. Fixing above 1.1500 points to the possibility of further growth. Therefore, after correction and at a breakthrough of 1.1550, it is worth considering transactions for the purchase with the targets: 1.1600 and 1.1630. Support levels are located at the levels: 1.1500 and 1.1470.

Read also: “Stock indices: the UK market”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

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