EUR/USD today: the pair maintains an upward dynamics

Wednesday trading on the EUR/USD pair closed with a moderate decline, which was caused by attempts to correct the dollar on the growth of the US state bonds profitability. Despite an attempts of correction, the two-week upward channel is maintained. The growth of negative sentiment in the market will limit the strengthening of the euro against the dollar.

Events for today:

• 15:00 – German consumer price index (CPI) (m/m) (Feb) will be announced.
• 15:30 – preliminary data on the US GDP will be published: GDP (q/q) (Q4), GDP deflator (q/q) (Q4) and initial jobless claims.
• 16:45 – PMI will be announced in Chicago (Feb), USA.

Today is a day full of data on the United States, but sentiment and geopolitics continue to be the main driver of the market, waiting for  new data on trade talks.

EUR/USD has been trading in the trading range of Wednesday from the start of the day, actually indicating the formation of lateral dynamics. The growth of pessimism in the market also has a restraining effect on the pair. With the weakening of pessimism, we can expect the resistance test 1.1400-20. Significant support is located at the levels: 1.1380 and 1.1360, the update of which will indicate the formation of a reversal.

Read also: “Alert in the MT4 trading terminal and its use”

Hanzenko Anton

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