EUR/USD today: the pair is uncertain
The EUR/USD pair for the third day in a row continues to move in the side channel from 1.0960-50 to 1.1000. This is due to the persistence of risks around the trade war and the uncertainty surrounding trade negotiations. Against this background, the market shows restrained dynamics in the US currency.
Events for today:
- 15:30 – the US data will be released: core producer price index (PPI) (m/m) (September) and the producer price index (PPI) (m/m) (September).
- 20:50 – a speech of the Fed Chairman Mr. Powell will be held.
Despite the published data, the main focus of the market remains focused on the US-China trade talks this week.
EUR/USD continues to trade in the lateral range from 1.0960-50 to 1.1000-10, indicating the uncertainty of the market, thereby slowing down the upward trend of the past week, and maintaining the downward trend of the last three months. Further dynamics of the dollar is largely dependent on the course of trade negotiations. But technically, there is a high probability of the formation of a downward EUR/USD reversal from the resistance zone 1.1000-20. As a result, the road will be open to support levels: 1.0940 and 1.0880, but this is only after the confirmation of the reversal.
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