EUR/USD today: the dollar remains under pressure

At the trading on Thursday, the EUR/USD pair showed multidirectional dynamics and updated lows, but closed the day with growth. The reason for the decline of the American dollar remains the slowdown in the rates hikes in the US in 2019. At the same time, the Fed is ready to raise rates in December.

At the start of the day, the EUR/USD pair is trading downward on the American dollar correction, which is facilitated by the growth of pessimism in the stock markets and weak statistics for the eurozone. But the decline of this pair is limited by the upward channel of the last days.

Events for today:

• 16:45 – Publish PMI in Chicago (November) USA.
• 20:00 – Number of Baker Hughes oil rigs in the United States will be released.

Market attention is gradually shifting to the G20 summit, which will be held on the weekend. Therefore, the market expects a very volatile opening of the new week. While waiting for this meeting, investors will prefer to reduce risks, which will lead to a reduction in positions.

EUR/USD after a decline in the morning formed a reversal, which indicates an increase to resistance levels of 1.1380-1.1400. It should be noted that the more significant strengthening of the euro will be limited. Support is located at the levels: 1.1360 and 1.1340.

Read also: “Analysis of the currency market. Three Types”

Hanzenko Anton

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