EUR/USD today: the euro receives a support from risks

The EUR/USD pair from the start of the day is trading with strengthening, maintaining the upward trend of the current week. The euro is supported by the US dollar decline due to aggravated trade risks between the US and the eurozone.

Events for today:

• 15:30 – initial jobless claims in the US will be released
• 16:45 –  Markit composite business activity index (PMI) (September) USA will be published
• 17:00 – the US data will be released: volume of industrial orders (m/m) (Aug), and ISM non-manufacturing sector employment index (September) and ISM non-manufacturing sector business activity index (PMI) (September).

The day will be full of data on business activity in the USA (PMI), which will maintain the volatility of the American dollar.

The EUR/USD pair received support on the weakness of the dollar amid the pessimistic sentiment on the stock markets, signs of a slowdown in the global economy and trading risks. Preservation of pessimism will continue to put pressure on the dollar and will open the way to resistance levels: 1.0990 and 1.1020. Especially in the face of the publication of weak US data. Otherwise, a flat formation and support test are expected: 1.0940 and 1.0910.

Read also: “What is expected from the June Fed meeting”

Hanzenko Anton

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