EUR/USD today: the euro has received a support on the resumption of growth - Ester Holdings

EUR/USD today: the euro has received a support on the resumption of growth

The EUR/USD pair at the start of the week is trading with strengthening on correction after Friday’s decline and data abot risk reduction on Brexit. So, the EU President D. Tusk announced the lines of postponements of Brexit until January 31, 2020. This reduced the risk of a tough Brexit due to the lack of time to approve the deal between the EU and the UK. As a result, political uncertainty has declined, giving a restrained support to the euro against the US dollar.

Events for today:

  • 14:30 –  the US data will be released: trade balance (September) and inventories in retail trade excluding automobiles (September).
  • 17:00 – a speech will be held by the ECB President Draghi.

Despite the restraint of the market and the lack of significant data at the start of the week, volatility in the market is formed by fundamental factors, in particular, data on Brexit, and the correction of positions on the American sdollar in anticipation of the US Federal Reserve rates cut.

As a result, the EUR/USD pair forms an upward correction against Friday’s decline, but is limited by a downtrend and resistance levels: 1.1120 and 1.1150. They should be expected to slow down growth. Support is located at: 1.1080 and 1.1060.


Read also: “Risks of global economic slowdown are escalating”

Hanzenko Anton


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