EUR/USD today: the euro continues to slow down the decline

The EUR/USD pair continues to slow down the downtrend, which has been observed for the last two weeks, despite the risks of exacerbating trade tension and slowing the global economy. To a large extent, this is due to the weakening pressure from the US dollar.

Events for today:

• 11:30 – the UK data will be released: core retail sales index (m/m) (oct) and retail sales volume (m/m) (oct).
• 12:00 – GDP data in the eurozone will be published.
• 15:30 – data on the USA will be released: core producer price index (PPI) (m/m) (oct) and initial jobless claims.
• 17:00 – the speech of the Fed Chairman Mr. Powell will take place.

Today is a day full of data that will set the mood on the market. The main trading driver remains the data on the trade agreement between the USA and China.

From the start of the day, the EUR/USD pair has received a support from positive data on Europe and the preservation of pessimistic sentiment on stock exchanges, which are associated with the uncertainty of the trade agreement and put pressure on the US dollar. This currency pair found support at the level of 1.0990-80, forming a rebound and lateral dynamics, which will be limited by resistance levels: 1.1030-50.

Read also: “Trade signals results for half a year”

Hanzenko Anton

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

Topical articles of the trader’s blog:

1. What does the decline in active drilling rigs in the USA indicate?
2. The U.S.-China trade agreement news
3. The trade war risks are coming back

Current Investment ideas:

1. Several reasons to buy Cisco Systems, Inc. shares in October. Let’s earn Together!