EUR/USD today: the euro is waiting for correction against Friday
On Friday, trading in the EUR/USD pair closed with a significant collapse, which was caused by positive US data. As a result, before the US Federal Reserve meeting, optimism about the economy of the States increased sharply. And Friday’s trading closed with an update of the week low at 1.1200.
Events for today:
- 15:30 – the index of manufacturing activity of NY Empire State (June) USA will be announced.
- 20:00 – the speech of the ECB President Draghi.
- 23:00 – the volume of purchases of long-term securities TIC (Apr) USA will be issued.
Market activity at the beginning of the week remains restrained, which will contribute to a restrained movement against Friday.
From the start of the day, the EUR/USD pair continues to trade near the significant support of 1.1200. From this level in terms of movement against Friday, we can expect a reversal. Significant resistance levels are located at the levels: 1.1240 and 1.1270. Fixing a pair below 1.1200 support cancels expectations for a correction and indicates a resumption of the overall downtrend.
Read also: “Euro (EUR) – Features of Trading on Cross-rates”
Hanzenko Anton
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