EUR/USD today: the euro remains optimistic - Ester Holdings

EUR/USD today: the euro remains optimistic

From the start of the week, the EUR/USD pair has been trading with a strengthening, supported by weak expectations on inflation in the US and positive statistics on the eurozone economy. As a result, this pair managed to break through significant resistance and consolidate above 1.1220-00. The main driver of growth in the euro is American dollar’s weakness in anticipation of the Fed’s soft rhetoric regarding inflation and monetary policy.

Events for today:

  • At 15:15 – ADP nonfarm employment change (April) USA.
  • At 16:45 – index of business activity in the manufacturing sector (PMI) (April) USA.
  • At 17:00 – the US data will be published: ISM manufacturing employment index (April) and ISM business activity index in the manufacturing sector (PMI)  (April).
  • At 17:30 – crude oil stocks in the United States.
  • At 21:00 – the FOMC statement and  the Fed  interest rate decision will be published.
  • At 21:30 – FOMC press conference will be held.

In addition to the main event of this day, the publication of the Fed meeting minutes and the subsequent press conference, the day is also full of data on the USA: business activity and an employment change. This will cause a significant increase in volatility in the American session.

The EUR/USD pair, despite the preservation of the uptrend, is limited to overbought. Very pessimistic expectations from the Fed continue to support this pair. Until the release of the US data, the movement of the dollar will be limited. Significant resistance levels for today: 1.1240, 1.1260 and 1.1280, support: 1.1200, 1.1180 and 1.1160.


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Hanzenko Anton


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