EUR/USD today: the market is selling off the dollar on the move against Friday
With the opening of trading on Monday, the American currency came under considerable pressure across the market. The reason for the sale of the US dollar was the technical correction against the growth of the American dollar on Thursday and Friday and optimistic market sentiment, the strengthening of positive statistics on China and the progress in the US-China trade talks.
The upward trend of this pair was slowed by technical overbought and weak data on business activity (PMI) and inflation in the eurozone.
Events for today:
- At 15:30 – data on retail sales in the United States.
- At 16:45 – index of business activity in the manufacturing sector (PMI) (March) US.
- At 17:00 – business inventories (m/m) (January) in the USA will be released.
- At 22:00 – a demonstrative vote of the British Parliament on Brexit will take place.
The day today is saturated with meaningful statistics, which will preserve the high volatility of trading.
The EUR/USD pair, after updating the high at 1.1250 and weak inflation data in the Eurozone, moved to a correction, in fact indicating a reversal and the possibility of resuming the decline. The dynamics of the market and this pair, in particular, depend largely on the mood and dynamics of stock indices. Reduced optimism will increase the pressure on this pair. Also affected by the upcoming US data. With an increase in pessimism, we can expect a resumption of decline and a test of support levels: 1.1220 and 1.1200. Resistance is located at levels: 1.1250 and 1.1270.
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Hanzenko Anton
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