EUR/USD today: the euro is recovering after a decline - Ester Holdings

EUR/USD today: the euro is recovering after a decline

In the low-liquid Asian session, the EUR/USD pair accelerated the decline and continued the move of Tuesday. Strengthening  of the American dollar was traced across the market rspecially against commodity currencies, which is caused by the growth of risk and pessimism in the market. This caused a significant oversold of this pair.

Events for today:

  • 15:30 – the US data will be released: building permits, core retail sales (m/m), exports, imports, nonfram productivity (q/q) (Q4), and labor costs (q/q) (Q4).
  • 17:30 –  data on oil inventories in the United States will be published.
  • 21:00 – the US federal budget balance will be published.

The day is full of statistics on the United States, which will cause fluctuations in the US currency.

EUR/USD after a decline at the start of the day remains in significant oversold level of 1.1380-70, which indicates the possibility of correction. Restoring optimism in the stock markets of Europe will help the euro to strengthen. General downward trend in this pair is maintained and the upward correction will be limited to levels: 1.1400-10 and 1.1430. Support is located at levels: 1.1370 and 1.1350.


Read also: “Norwegian krone. Features of trading Scandinavian currencies”

Hanzenko Anton

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