EUR/USD today: the euro remains in the correction phase

The EUR/USD pair showed multidirectional dynamics on Wednesday and closed slightly above the opening of the day level, maintaining the downward correctional dynamics and expectations of a decline. At the trading on Thursday, the pair is testing yesterday’s high at 1.1390-80, a break from which will confirm the downward trend.

Events for today:

• 15:00 – the consumer price index (CPI) of Germany (m/m) (June) will be announced.
• 15:30 – the US GDP data will be released: GDP (q/q) (Q1), GDP deflator (q/q) (Q1) and the initial jobless claims.
• 17:00 – pending sales index in the real estate market (m/m) (May) USA will be released.

The publication of data on the US GDP will be the main event of the day, which will set the tone for trading on the market.

The dynamics of the EUR/USD pair remains downward, adjusting after growth. An expectation of data on the US GDP is the limiting factor, on which a decrease in activity is possible. At the same time, the overall dynamics of this pair is downward, which may be enhanced by positive data for the USA. Support levels are 1.1340 and 1.1300, resistances: 1.1380 and 1.1400.

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Hanzenko Anton

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