EUR/USD today: the pair retains its potential for decline
After the EUR/USD pair has updated its Wednesday low at 1.1150 at the beginning of the day, expectations for a decline in this pair have resumed. The reason for the decline of the single currency against the dollar was the weak data on the euro area and the preservation of political risks. It is also worth noting the growth of general risks that contribute to the strengthening of the US dollar.
Events for today:
- At 14:30 – the ECB meeting minutes on monetary policy will be published.
- At 15:30 – initial jobless claims in the United States will be announced.
- At 16:45 – the manufacturing business index (PMI) (May) will be released in the USA.
- At 17:00 – new home sales (April) in the United States will be released .
This day is full of scheduled news. In addition to the planned data, a significant impact on the market will come from the fundamental risks of trading confrontation, political risks in the UK and the eurozone.
The EUR/USD pair indicated a potential for a decline, having consolidated below 1.1150-40, thereby resuming the downward trend and opening the way to a psychological support level of 1.1100. But it is also worth noting the preservation of high market volatility based on fundamental factors. Therefore, the possibility of a repeated test of resistance levels: 1.1160 and 1.1180 is not excluded.
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Hanzenko Anton
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