EUR/USD today
Trading on Monday closed with a noticeable strengthening of the euro based on correction and a general weakening of the US currency. As a result, the pair EUR/USD has noticeably corrected opening the possibility for sellers to resume sales. Previous forecast https://esterholdings.com/en/2017/10/30/eur-usd-today-215/, which will be extended for today.
Events for today:
- 12:00 – A block of preliminary statistics on the euro area: the basic consumer price index (CPI) in the euro area (y/y), the consumer price index (CPI) in the eurozone (y/y), the euro area GDP (q/q), the euro area GDP (y/y) and the unemployment rate in the euro area.
- 14:30 – Publication of the labor cost index in the US (q/q).
- 15:00 – Announcement of the composite residential price index S&P/CS Composite-20 without taking into account seasonal fluctuations (y/y).
- 15:45 – TRelease of the index of business activity (PMI) in Chicago (USA).
- 16:00 – Publication of the US consumer confidence index by CB.
The day is now full of data, and preliminary statistics for the euro area can be perceived especially sharply because of the current situation on the market.
The EUR/USD pair continues to work out the head and shoulders figure on the daily timeframe. Therefore, after the correction, one should expect the resumption of the downtrend from the resistance levels: 1.1650-60 and 1.1680. As a result, one should expect the test support of: 1.1570 and 1.1530. The upcoming news on the euro area and the US may cause volatility. But, in order to develop the above figure, this pair needs to consolidate below resistance levels: 1.1680 and 1.1700-10.
Hanzenko Anton