EUR/USD today: the pair remains under the pressure
At the trading on Tuesday, the EUR/USD pair closed the day lower. The reason for the sale of the euro was the optimistic data on the US and general growth of the American dollar. As a result, this pair has updated a significant support 1.1300. Near this psychological mark, the market is traded in the first half of trading on Wednesday, which simultaneously indicates attempts of correction and the possibility of a rebound.
Events for today:
- 15:15 – ADP nonfarm employment change (Feb) in the USA.
- 15:30 – trade balance of the United States.
- 17:00 – Bank of Canada meeting minutes.
- 17:30 – the US oil inventories.
- 21:00 – the “Beige Book” of the US Federal Reserve.
The economic calendar continues to be eventful, among which data from the United States and Canada deserve special attention.
EUR/USD is expected to continue to decline in the downward channel. The driver for this movement in the current situation will be the dynamics of the US currency. In the face of declining dollar resistance test 1.1320-30 is possible. General expectations for reduction continue to be maintained towards support levels: 1.1260 and 1.1240.
Read also: “Prospects for the dollar by the end of September beginning of October 2018”
Hanzenko Anton
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