EUR/USD today: the pair retains the potential to strengthen
At the beginning of the year, the pair EUR/USD is traded with a strengthening based on the overall decline of the American and an increase in optimism regarding the eurozone economy. As a result, the first trading days of 2018 were distinguished by the preservation of an upward trend in this pair, which is limited to overbought.
Events for today:
- 17:00 – data on the US: the index of employment in the manufacturing sector of the US by ISM and the index of business activity in the manufacturing sector (PMI) of the United States by ISM.
- 21:00 – publication of the FOMC protocols.
- 23:30 – publication of the weekly stocks of crude oil in the US according to the American Petroleum Institute (API).
Despite the fact that FOMC protocols will be published today, no loud statements should be expected from this protocol. In addition, the market still maintains low activity, which is gradually recovering to normal.
The pair EUR/USD is expected to maintain an uptrend, which will depend on the dynamics of the American. With the resumption of sales of the American and the renewal of the daily high, one should expect the pair EUR/USD to grow to resistance levels: 1.2100 and 1.2140. Considering a significant overbought pair, correction is possible to the support levels: 1.2020-00 and 1.1980-70, from which one should expect repulsion.
Fig. EUR/USD. The current price is 1.2030.
Hanzenko Anton