EUR/USD today: the pair forms a spread
On Wednesday trading, the pair EUR/USD closed the day at the day’s opening level, demonstrating mixed volatility. In trading on Thursday, the pressure on the US dollar intensified due to a decline in government yields. US bonds and correction of positions before the data on inflation in the US.
Events for today:
- 14:00 – the results of the meeting of the Bank of England.
- 15:30 – data on inflation in the US.
- 21:00 – the report on the implementation of the US federal budget.
The day is very full of statistics thanks to the publication of the results of the meeting of the Bank of England and inflation data in the US, which can eventually cause a significant increase in volatility in the market.
From the publication of data on the UK, a significant impact on the EUR/USD pair through cross-rates and GBP/USD is possible. Therefore, they should also be monitored. Also, dollar investors expect data on inflation in the US, which will have a significant impact on the sentiments for the American.
Technically, the pair EUR/USD is forming a “double bottom”. Thus, the breakthrough of resistance 1.1880-90 will open the way to 1.1930-40. But due to the upcoming news this signal will be subject to fundamental influence, which in the end may cast doubt on the downtrend and development of the “double bottom”. In conditions of waiting for significant news the technician is working poorly, so today without a forecast. Support levels: 1.1830-00 and 1.1760, resistance: 1.1930, 1.1970 and 1.2000.
Fig. EUR/USD. The current price is 1.1880.
Hanzenko Anton