EUR/USD today: the pair maintains a sideways trend

Trades on Monday closed slightly higher than the opening level of the day with the update of a two-week high. The decline in the US dollar was caused by the growth of optimism in the stock exchanges and the growth in yields of 10-year US state bonds.

Events for today:

• 16:45 – the US news block: composite index of business activity (PMI) in the USA from Markit and index of business activity (PMI) in the US services sector.
• At 17:00 – the US data: the index of employment in the non-manufacturing sector (ISM) of the United States, the index of business activity in the non-manufacturing sector (PMI) of the United States from the ISM and the number of open vacancies in the labor market (JOLTS) in the United States.
• 23:30 – weekly stocks of crude oil in the US according to the American Petroleum Institute (API).

The EUR/USD pair remains very restrained and inactive on Tuesday, which is caused by a decrease in optimism in the stock exchanges, which earlier were the main driver of the US dollar decline.

A significant level of support for the EUR/USD pair is the level of 1.1680-1.1700, from which growth is possible with further strengthening in the existing channel. In this case, closing the day below this channel will indicate the possibility of a pair reversal and further growth of the American.

Fig. EUR/USD. Current price – 1.1700

Also, read: “The Lock: Once again about the ways of exit“

Hanzenko Anton