EUR/USD today: the euro forms a reversal
The EUR/USD pair, as it was expected earlier, ran into a significant resistance at the level of 1.1640-50, the upper limit of the downward channel, which was mainly caused by technical factors.
Events for today:
- 17:00 – JOLTS job openings (July).
- 23:30 – API weekly crude oil stocks .
Employment data in the UK and economic sentiment in the euro area did not actually have a lasting impact on the market.
The pair EUR/USD broke off from the level of 1.1630-50 on the growth of negative sentiment, which was caused by the decline in European stock indices. In this case, the transaction for sale should be considered with the update of the day’s lows on the pair and a more significant growth of pessimism in the market. With fastening below 1.1600-1.1570 the road to the support levels woll be open: 1.1550 and 1.1520. Resistance is located at the levels: 1.1620 and 1.1640.
Read also: “Features of trading on crosses containing the Euro (EUR)”
Hanzenko Anton
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