EUR/USD today

The single currency came under considerable pressure after yesterday’s publication of the ECB’s report on the monetary policy of the euro area. That was caused by the soft rhetoric of the ECB. The ECB extended the QE program for another 9 months, and Draghi expressed concern about the relatively low inflation. As a result, the euro weakened across the entire spectrum of the market, which also caused a decline in other European currencies.

The publication of data on the US GDP will be the main event of the day. For more details about all the news follow  https://esterholdings.com/en/category/novosti-rinka/.

After yesterday’s rapid decline, the pair EUR/USD is in the significant oversold zone. As a result, one should expect a restrained correction, but the positive dynamics of the stock indices and the continued high level of optimism about the American will limit this process.

 

The resistance levels to which correction is possible are: 1.1670-80 and 1.1700-20. Correction may increase based on flat data for the United States. On the daytime timeframe, this pair began to work out the figure “head and shoulders” after breaking through support 1.1680. Therefore, in the long term it is necessary to expect the resistance test: 1.1600 and 1.1550.

Hanzenko Anton