EUR/USD today: the pair remains under pressure despite the weakness of the dollar - Ester Holdings

EUR/USD today: the pair remains under pressure despite the weakness of the dollar

Wednesday’s EUR/USD pair trading is multidirectional, after yesterday the US currency suddenly weakened across the market spectrum on the decline in the US state bonds profitability. As a result, the dollar slowed down the downward trend for this pair and tested the resistance level of 1.1500, but with the negative opening of trading on European stock indices, the euro slowed down.

Events for today:

  • 15:30 – data for the United States: core producer price index (PPI) (m/m) (September) and producer price index (PPI) (m/m) (September).
  • 16:00 –  Monthly GDP Tracker from NIESR in the UK.
  • 23:30 – API weekly stocks of crude oil  in the United States.

The market remains influenced by sentiment and expectations of the US producer prices data.

EUR/USD, despite the slowdown of the downward trend, remains under pressure, limited to the support zone of 1.1470-50. With increasing pessimism in the market, the market will return to American dollar’s purchases. Resistance is located at the levels: 1.1500 and 1.1520-30.


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Hanzenko Anton

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