EUR/USD today: the euro remains under the pressure

On the publication of weak data on business activity in the manufacturing sector in Germany and the eurozone, the euro collapsed across the market, but the largest decline in the euro showed against the American dollar. In part, this was due to the correction of positions before the weekend, which will be long on the occasion of the celebration of Good Friday. But it is also worth noting the high level of speculation in the market. As a result, this pair was significantly oversold.

Events for today:

• At 15:30 – the US data will be released: core retail sales index (m/m) (March), Philadelphia Fed manufacturing activity index (April) and retail sales (m/m) (March).
• At 16:45 – index of business activity in the manufacturing sector (PMI) (April) in the US will be published.
• At 17:00 – business inventories (m/m ) (Feb) will be released in the USA.

The day is eventful, which can keep the high volatility of trading.

After the collapse, the EUR/USD pair remains oversold, which will cause the formation of a correction to the levels: 1.1260 and 1.1280. Strong support is located on the marks: 1.1240-30. If it resists until the end of the week under the pressure of sellers, from Monday we can expect a correction from this level. While the pair and the market remain in uncertainty, which may cause the formation of a flat before the news.

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Hanzenko Anton