EUR/USD today: the pair is in uncertainty
Yesterday’s expectations for the pair EUR/USD were justified, which was caused by the growth of the profitability of the US state bonds and the correction of short positions relative to the American before the publication of the US Federal Reserve Protocol. On Tuesday, this pair managed to update the low of the current week, but the negative dynamics of the European stock indices and the correction of positions before the meeting of the Federal Reserve caused a formation of flat.
Today’s event:
- 12:00 – preliminary data on the GDP of the eurozone.
- 15:00 – announcement of the consumer price index (CPI) in Germany (m/m).
- 16:00 – a composite housing price index S & P/CS Composite-20 (USA) without taking into account seasonal fluctuations (y/y).
- 17:00 – release of the US consumer confidence index from CB.
- 17:30 – the speech of the head of the Bank of England Carney.
The day is full of data, but the market is gradually shifting to the results of the meeting of the US Federal Reserve.
Given the slowdown of the upward dynamics of the euro and the return of this pair to an uptrend that has been traced since November of last year, one should expect the continuation of the corrective movement of the American. Also, this dynamics will be limited to the expectation of upcoming data from the Fed. Therefore, in addition to the downward dynamics of the pair, the formation of a flat in the range from 1.2420-40 to 1.2320-00 is possible.
Fig. EUR/USD. The current price is 1.2380.
Hanzenko Anton