EUR/USD today: the euro is in uncertainty
With the opening of trading on Wednesday, the EUR/USD pair updated a two weeks low on attempts to increase optimism and strengthen the American dollar. The publication of a number of speeches by the ECB representatives, including the ECB President, M. Draghi, returned optimism about the euro. Strengthening of the euro coincided with the growth of negative sentiment on the stock exchanges and flight from risk. As a result, this pair remains to trade at the level of the opening of the day while maintaining a downward trend.
Events for today:
- 14:30 – data on the trade balance of the United States.
- 16:30 – data on oil reserves in the United States.
- 17:00 – will publish the current account balance (Q4) of the USA.
Market attention is focused on fundamental factors, Brexit and trade negotiations.
The dynamics of the EUR/USD pair continues to be downward, but is limited by the correction caused by the comments of the ECB representatives. Growing pessimism also puts pressure on the dollar. In the conditions of preservation of the downward dynamics for this pair, a reversal should be expected from the resistance level: 1.1280 and 1.1300, the rebound from which will indicate the possibility of new sales. Fixing higher will signal the correction of short positions on the euro. Support levels: 1.1240 and 1.1220.
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Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- Prospects for the euro based on the ECB policy
- Brexit vote results
- Prospects for Boeing shares after the planes crash
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