EUR/USD today: the euro remains optimistic on the weakness of the dollar
Trades at the opening of the new working week continue to maintain the upward trend of the EUR/USD pair. The main driver of the dollar decline at the start of the week continues to be weak Friday data on the number of new jobs. It should be noted that the decline of the American dollar against the euro, and especially against safe assets, has slowed significantly. It is due to the oversoldness of the American dollar and the growth of optimism in the market.
Events for today:
- 14:30 – data on retail sales in the United States will be released : core retail sales (m/m) (January) and retail sales (m/m) (January).
- 16:00 – business inventories (m/m) (December) in the United States will be announced.
The day is very modest on the news, only data on the USA will be released. Positive statistic may strengthen the dollar correction against decline.
EUR/USD is expected to keep moderate growth on the correction against the weekly decline, which will be limited to resistance levels: 1.1270 and 1.1300. In this zone of resistance we should expect the formation of a reversal. Support is located at levels: 1.1230 and 1.1200, breaking down will indicate a resumption of decline.
Read also: “Deutsche Bank – alive or not?”
Hanzenko Anton
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