EUR/USD today: the pair remains under risk pressure
On Wednesday trades opened with the resumption of the pair EUR/USD on the general growth of fears due to Trump’s comments and the resumption of political risks in Italy. As a result, the pair formed a figure “head and shoulders”, as discussed in the technical analysis. The publication of weak data on Germany strengthened the development of this figure.
Events for today:
- 16:45 – data on business activity in the US.
- 17:00 – data on the sale of new housing in the US.
- 17:30 – oil reserves in the USA.
- 21:00 – the publication of the FOMC protocols.
Despite the high volatility, the day continues to await significant news, among which is the publication of the FOMC protocol and data on oil reserves in the US.
At the same time, technically, the pair remains in the correction phase after the decline and is limited by the support level – 1.1700 and 1.1680, resistance – 1.1760-70 and 1.1800. From a fundamental point of view, the market expects hints of tightening of monetary policy in the FOMC text and new data on Trump’s comments. As a result, both the strengthening of negative sentiments and their weakening are possible. Flight from risks will support the American.
Fig. EUR/USD. The current price is 1.1720.
Also, read “Rectangle – A Worthy Figure of Technical Analysis”.
Hanzenko Anton