EUR/USD today: the pair is limited to overbought

After yesterday’s trading, which resulted in a monthly high at 1.1690 and yesterday’s expectations confirmed, the pair EUR/USD turned out to be overbought, which requires a correction or at least flat movement.

Events for today:

• 15:30 – goods trade balance  (July).
• 16:00 – S&P/CS housing price index  Composite-20 without seasonal fluctuations (y / y) (June) in the US.
• 17:00 – CB consumer confidence index (Aug).
• 23:30 – Weekly stocks of crude oil according to the American Petroleum Institute (API) in the United States.

Due to the economic calendar, growth in activity is expected in the second half of the day. Until that time, the oversoldness of the American dollar will be a little relieved, but positive statistics on the US can also strengthen the dollar’s recovery.

The EUR/USD is trading with the strengthening, limiting resistance levels: 1.1700 and 1.1720 and overbought. In the condition of preservation of the situation in the market and correction from support levels: 1.1650 and 1.1630 it is worth considering transactions for purchase.

Read also: “Fundamental analysis: interest rate and its impact on the exchange rate”

Hanzenko Anton

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

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