EUR/USD today: the euro strengthens on dollar weakness
At the opening of the week the EUR/USD pair is trading with strengthening on the weakness of the American dollar. The reason for the sale of the dollar was the relatively mild rhetoric of the US Federal Reserve and general increase in optimism associated with easing tensions in trade opposition.
Events for today:
- 12:00 – retail sales (m/m) (November) in the eurozone will be published.
- 17:00 – a block of news for the USA will be released: shipments of nondefense capital goods (excluding aircraft) (m/m), factory orders (m/m) (November), ISM non-manufacturing employment index (December) and ISM non-manufacturing business index (PMI) (December).
The results of the meeting of representatives of the United States and China on the issue of trade opposition remain as the main risk factor. The very fact of these negotiations is still a positive factor for the market, causing an increase in optimism, but it is worth noting that the tension around the trade standoff persists.
The EUR/USD pair is trading in an uptrend, limited to overbought and upper limits of the upward channel. So, the resistance zone 1.1430-50 is turning, where we can expect a correction or a flat formation. Any data on the progress of negotiations between the United States and China can become as a positive signal for this pair.
Read also: “Fundamental analysis: the interest rate and its impact on the exchange rates”
Hanzenko Anton
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