EUR/USD today: the European is gaining strength throughout the market!
At the trades on Monday, the pair EUR/USD demonstrated a moderate dynamics in the sideways trend, closing the day with insignificant growth. However, trading on Tuesday remains very positive for the single currency due to the general decline of the American due to the negative sentiment, positive statistics on Germany and support for the euro caused by weakening the pound in cross-rates due to the inflation data in the UK. As a result, the EUR/USD pair managed to exit the side trend and update the maximum of the month.
Events for today:
- 15:30 – release of data on the US: the basic producer price index (PPI) in the US (m/m) and the producer price index (PPI) in the US (m/m).
- 19:30 – a speech of a member of the Committee on Monetary Policy of the Bank of England, Cunliffe.
- 20:05 – a speech of a member of the Federal Open Market Committee (FOMC), Bostic.
- 23:30 – publication of weekly stocks of crude oil in the US according to the American Petroleum Institute (API).
At the moment EUR/USD is trading near the upper boundary of the descending channel, which was formed in September and October, and runs in the range of 1.1720-30. A correction is possible from this level. In case of further weakening of the American, one should expect resistance test: 1.1740 and 1.1760 (Fibo. 38.2 from the September maximum). Support is located at the levels: 1.1680 and 1.1630.
Hanzenko Anton