EUR/USD today: euro is under pressure

Yesterday, the EUR/USD pair resumed a minimum of a week on the general growth of the American and pressure through the cross EUR/GBP, as a result yesterday’s expectations were fully justified. With the positive opening of the European stock exchanges, the single currency was again under pressure, despite positive data on the euro area.

Events for today:

• 12:00 – release of a news block on the euro area: the basic consumer price index (CPI) in the euro area (y/y), the consumer price index (CPI) in the euro area (y/y) and the unemployment rate in the euro area.
• 15:30 – data on the US: the basic price index for personal consumption expenditure in the US (m/m), the basic price index for personal consumption in the US (y/y), the number of initial applications for unemployment benefits in the US and expenses of individuals in the USA (m/m).
• 16:45 – announcement of the index of business activity (PMI) in Chicago (USA).

The day is full of statistics. Also, in the coming days, the results of voting on the issue of tax reform in the US are expected, which will have a significant impact on the dynamics of the US currency.

After almost a week, the recovery of the American the pair EUR/USD approached the level of 1.1820-00, the lower limit of the rising channel since the beginning of the month and Fibo 50.0 from the September maximum. This zone is significant, as the breakthrough of this level will indicate a deeper correction, and the fight back from this level will open the way to the uptrend. Also, do not forget about the upcoming data on the US, so today without a forecast. Support levels: 1.1780 and 1.1730, resistance: 1.1880 and 1.1930-40.

EUR/USD chart, current price – 1.1830

Hanzenko Anton