EUR/USD today: the euro maintains potential for growth
After a very multi-directional trading on Monday, the EUR/USD pair keeps upward dynamics. Reduced optimism in the stock markets and Trump’s verbal pressure on OPEC increased the pressure on risky assets, which significantly reduced the pressure on the American dollar. But the overall decline in the US dollar continues to support the euro.
Events for today:
- 15:30 – data on real estate in the USA will be released: building permits (December), building permits (m/m) (December), new housing starts (December) and new housing starts (m/m) (December)
- 16:00 – S&P/CS Composite-20 housing price index will be published without taking into account seasonal fluctuations (y/y) (December) in the USA.
- 17:00 – CB consumer confidence index (February) will be announced.
- 17:00 – the speech of the Fed Chairman Mr. Powell will take place.
- 23:30 – API weekly crude oil inventories will be released in the USA.
The main event of the day will be the speech of the US Federal Reserve Chairman Powell, who will be expected to give hints about the US monetary policy.
In the context of the continued weakness of the dollar and very pessimistic expectations from the Fed, the EUR/USD pair will maintain an upward dynamic, continuing the upward trend. So, the level 1.1370 continues to act as a significant resistance, breaking through which opens the way to the marks: 1.1400 and1.1430. Support is located at the levels: 1.1350 and 1.1330.
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Hanzenko Anton
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