EUR/USD today: the dollar accelerates its growth

The EUR/USD pair accelerated the decline at the opening of trading on Friday, the reason for which was the growth of the American dollar on the expectation of statements by representatives of the US Federal Reserve. From the speech of the head of the US Federal Reserve and other representatives, it is expected that the Fed will not resort to a long-term program to stimulate the economy. As a result, this pair accelerated the decline, but is limited by the boundaries of the recent lateral channel 1.1060-50.

Events for today:

• 17:00 – Fed Chairman Mr. Powell will speak
• 17:00 – new housing sales (July) will be published in the United States.

The market is focused on the Jackson Hole symposium and the speech of the US Federal Reserve Chairman, from which they will expect positive rhetoric aimed at a short cycle of stimulating the economy.

The EUR/USD pair remains under the pressure from the growth of optimism for the American dollar before the speech of the US Federal Reserve Chairman Powell. The pair is limited by oversold and support levels: 1.1040 and 1.1030.

The main increase in the American dollar activity can be expected at Powell’s speech. Until this time, the possibility of a restrained correction is not ruled out.

Read also: “Oil market: results and forecasts”

Hanzenko Anton

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