EUR/USD today: the euro keeps an uptrend
On Monday, the EUR/USD pair showed mixed dynamics, which was caused by comments of the ECB President, correction against Friday and rising US state bonds yield. As a result, this pair has updated the maximum of recent months at 1.1815 and returned to the opening level of the week at 1.1740, thereby maintaining an uptrend and pointing to the risks associated with the expectation of higher rates in the US.
Events for today:
- 16:00 – S&P/CS HPI Composite-20 non seasonally adjusted (y / y) (July).
- 17:00 – CB consumer confidence index (Sep).
- 23:30 – API weekly crude oil stocks.
Against the backdrop of maintaining the uptrend in the EUR/USD pair, the euro is expected to continue growing, but lower optimism in the stock markets and the expectation of higher rates in the US will force investors to adjust their positions on the US currency, which will cause a slowdown in the dollar’s decline. As a result, a flat can be formed for this pair.
For today, movement is expected in the range from 1.1730-10 to 1.1780-1.1800, with a resistance test, that will confirm keeping the uptrend for the pair. In this case, it is worth noting the risks of correction on the expectation of the meeting results of the US Federal Reserve.
Read also: “Fibonacci clusters. Subtlety of use”
Hanzenko Anton
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