EUR/USD today: the euro is oversold, but the American dollar keeps the pressure

With the opening of trading on Friday, the EUR/USD pair is under pressure from the general strengthening of the American dollar. The dollar continues to be supported by optimistic data on the US GDP and the growing risks of exacerbation of trade opposition. At the same time, the published data on the eurozone returned optimism about the euro.

Events for today:

• 15:30 – data for the United States will be published : core price index for personal consumption expenditures (y/y) (Dec) and personal spending (m/m) (Dec).
• 16:45 – index of business activity in the manufacturing sector (PMI) (Feb) in the United States will be published.
• 17:00 – data for the United States will be released :  ISM employment index in the manufacturing sector (Feb) and ISM business activity index in the manufacturing sector (PMI)  (Feb).

The economic calendar is saturated with significant statistics on the United States, which can cause an increase in volatility for the American dollar. It is also worth noting the end of the week and the month as a result of which a correction of positions is possible.

The EUR/USD, on the growth of stock indices in Europe, returned to growth after updating the low at around 1.1350. This growth carries more of the nature of the correction, indicating a potential for decline. Due to the upcoming weekend, the correction may intensify. So, significant resistance is located at the levels: 1.1390 ​​and 1.1410.

Read also: “Black Swan on FOREX – Be afloat”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

Topical articles of the trader’s blog:

1. To increase or not to increase, the difficult choice of the US Federal Reserve
2. Ichimoku Kinko Hyo – simple application of a difficult indicator
3. ZIGZAG – not simple properties of a simple indicator!

Current Investment ideas:

1. Ready instruction to income! Earn with #CAT!