EUR/USD today: the pair is trapped in a triangle

After the Trump administration announced that the introduction of tariffs on cars and spare parts had been postponed for six months, the EUR/USD pair received a support, which led investors to change attitudes towards the euro. As a result, this pair has strayed from the support level of 1.1180 and continued moving in the side channel, actually forming the side triangle of the last three weeks.

Events for today:

• At 15:30 – the US data will be released:  building permits  (m/m) (Apr), housing starts (m/m) (Apr),  initial jobless claims, Philadelphia Fed index of manufacturing activity (May) and Philadelphia Fed employment index  (May).
• Also at 15:30 – a speech will be delivered by the ECB representative Mr. De Saguin.

In addition to the risks of the US trade confrontation, today it is worth focusing on the US data.

In the face of risk reduction and correction, a modest strengthening is expected from the EUR/USD pair, which will be limited to a side triangle from 1.1180-70 to 1.1240-50. It is necessary to highlight the safety of the overall downward dynamics of the pair, which contributes to the uncertainty and the preservation of risks.

Read also: “Euro (EUR) – Features of Cross-Country Trading”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

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