EUR / USD today: the euro is trading in an uptrend
During the trading on Wednesday, the pair EUR / USD led a restrained multidirectional dynamics and closed at the opening day, which was due to a decrease in activity on the market due to a weekend in the US. Before the opening of the European session today, the euro has appreciably strengthened, which can be attributed to a significant increase in optimism on the market and rumors that the ECB may reconsider its monetary policy in the near future.
Events for today:
- 14:15 – the speech of the President of the Bundesbank Weidmann will take place.
- 15:15 – the change in the number of employed in the non-farm sector of the US from ADP.
- 15:30 – the number of initial jobless claims in the US.
- 16:45 – data on business activity (PMI) in the US.
- 17:00 – the index of non-manufacturing sector (ISM) employment in the United States and the index of non-manufacturing sector business activity (PMI) of the United States from ISM.
- 18:00 – data on oil inventories in the US.
- 21:00 – the publication of the FOMC meeting minutes.
This day is full of data on the United States. At the same time, the positive opening of European stock indices indicated a reduction in risks and increased pressure on the American dollar and safe harbor assets.
In conditions of maintaining this dynamics of stock indices, we should expect further strengthening of the EUR / USD pair. Statistics on the US can make significant changes in trade. So, the level of 1.1700-20 continues to act as a significant resistance, from which it is possible to repel. The second significant resistance is the level of 1.1750-70. Support levels are located at the levels: 1.1640-50 and 1.1600.
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Hanzenko Anton