EUR/USD today: a pair is in uncertainty

After Friday’s growth of the dollar on positive employment data in the US, it was worth expecting a move against Friday on the correction of positions on the EUR/USD pair. At the same time, a positive opening of stock indices in Europe influenced the preservation of optimism on the dollar. In turn, it is worth noting the weakness of the euro against the pound on the optimism for Brexit.

Events for today:

• 16:45 – Markit’s composite business activity index (PMI) in the USA (PMI) in the services sector (October) in the USA.
• 17:00 – data on activity in the US: ISM non-manufacturing employment inde[ (October) and ISM business index in the non-manufacturing sector (PMI)  (October).

The day is full of statistics, it is also worth noting the mid-term elections in the United States, which carry political risks for the dollar and act as a deterrent for the American currency.

The Friday low update (1.1370-80) by the EUR/USD pair indicates the preservation of optimism for the American dollar, the formation of a “head and shoulders” pattern and the return of the market to a downtrend. Significant support is located at levels: 1.1330 and 1.1300, which will limit the decline of the pair. Resistance marks are: 1.1380 and 1.1400.

Read also: “The Collapse of the Turkish Lira. A threat to the market “

Hanzenko Anton

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