EUR/USD today: the euro is overbought after positive data for the euro area - Ester Holdings

EUR/USD today: the euro is overbought after positive data for the euro area

With the opening of trading on Tuesday, the EUR/USD pair is trading with a strengthening on the weakness of the US dollar.  Ppositive data for the euro area has provided an additional support for the euro. As a result, this pair was overbought significantly.

Events for today:

  • At 15:00 – the consumer price index (CPI) of Germany (m/m) (April) will be released.
  • At 15:30 – the labor cost index (q/q) (Q1) of the United States will be announced.
  • At 16:00 – S&P/CS Composite-20 housing price index will be released without taking into account seasonal fluctuations (y/y) (Feb) in the USA.
  • At 17:00 – the consumer confidence index CB (April) and pending sales index  in the real estate market (m/m) (March) in the USA will be announced.

Today is a day full of significant data that will affect the trades.

The EUR/USD pair maintains an upward trend, but is limited to overbought, which will limit the growth of the euro against the dollar in the short term. The significant resistance zone are the levels: 1.1220 and 1.1240, from which it is worth considering the possibility of correction. Support is located at levels: 1.1180 and 1.1160.


Read also: “Do not allow to win yourself or the main enemies of the trader”

Hanzenko Anton


Earn with the help of the trade service on the news Erste News!

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