EUR/USD today: is preparing to storm new highs
The EUR/USD pair broke through a significant resistance of 1.1330-20, on the general weakness of the dollar. After it this pair has formed a steady upward channel, which is aimed at a correction against the decline, traced from the beginning of February. Pressure on the US currency continues to come from optimistic expectations from trade negotiations and expectations of a very soft US Fed protocol.
Events for today:
- 21:00 – FOMC protocols will be published.
- 23:30 – API weekly stocks of crude oil in the United States.
In addition to the political risks around trade negotiations, the pressure on the dollar intensified with the expectation of the soft tone of the FOMC protocol, from which the market expects a reduction in the likelihood of rate hikes this year.
The EUR/USD pair is being traded in an upward trading channel amid the sale of the American dollar. The pressure on the American dollar will resume under conditions of waiting for the Fed’s soft rhetoric. As a result, we can expect a test of resistance levels: 1.1380 and 1.1400. The levels of support are 1.1320 and 1.1300.
Read also: “Three pillars of technical analysis”
Hanzenko Anton
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