EUR/USD today: the pair is uncertain

The EUR/USD pair is traded in the side channel for the second consecutive day, restrained after the decline. Given the continued optimism of relative trade negotiations and weak statistics across Europe, the downside potential remains, which is confirmed by the technical picture.

The movement of EUR/USD in the side channel from 1.1090 to 1.1050 corresponds to significant support. Breaking it, in turn, will open the way for the euro to decline against the US dollar. But also this zone corresponds to the lower boundary of already three-week lateral dynamics, which can act as a limiting factor. Therefore, the preservation of the trading range from 1.1090 to 1.1050 indicates uncertainty.

Read also: “Expectations from the July Fed meeting”

Hanzenko Anton

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