EUR/USD today: the pair remains in a downtrend
Trading on Friday closed with lowering of the American on correction and ambiguous dynamics of the US stock indices. As a result, the EUR/USD has updated a minimum of three months and went to the correction, maintaining the downward trend.
Events for today:
- 15:00 – the index of consumer prices (CPI) in Germany (m/m).
- 15:30 – data on the US: a basic price index for personal consumption expenditures in the United States (m/m), the basic price index for personal consumption spending in the US (y/y) and expenses of individuals in the United States (m/m).
- 16:45 – the index of business activity (PMI) in Chicago (USA).
- 17:00 – the index of unfinished sales in the US real estate market (m/m).
The day is very busy with statistics on the United States. But the market will be focused on the situation of trade confrontation between eurozone and the US, which ultimately had a dampening effect on stock markets.
In the context of Friday’s correction and preservation of the downtrend for the pair, the EUR/USD remains under pressure. The main resistance is at the level of 1.2120-40, from which it is expected to be defeated with a further decline. The nearest support levels are: 1.2070-50 and 1.2030-00.
Hanzenko Anton