EUR/USD today: the pair is correcting against Friday
On Monday, the pair EUR/USD is traded with a slight strengthening on the correction against Friday. At the same time, the dynamics of this pair and the market as a whole is very restrained. This is due to low-key dynamics of the US state bonds and a very high probability of raising rates at the March meeting of the US Federal Reserve.
Events for today:
- 16:45 – data on business activity in the United States.
- 17:00 – statistics on business activity in the non-manufacturing sector of the United States.
The day is full of data, but the dynamics of the market is limited due to expectations of correction of the American.
Given the high level of expectations for a rate hike in the US at the March meeting of the US Federal Reserve, 81% of the market is in no hurry to adjust positions after the American’s growth, especially based on the negative dynamics of stock indices. At the same time, an uptrend in the EUR/USD pair is maintained and forms an upward triangle.
- A significant level of support is 1.2440-20. The breakthrough of this level will cancel expectations for correction.
- Resistance is : 1.2500 and 1.2530, support is: 1.2420 and 1.2390-80.
Fig. EUR/USD. The current price is 1.2460.
Hanzenko Anton