EUR/USD today: the pair keeps a downward trend

Yesterday’s expectations for the EUR/USD pair fully justified themselves. After yesterday’s decline, this pair is trading in a sideways trend, thereby adjusting before the data on the euro area and the US.

Events for today:

• 12:00 – announcement of the GDP of the eurozone.
• 15:30 – release of the number of initial applications for unemployment benefits in the United States.
• 18:00 – the speech of the ECB head, Draghi.

The US currency is strengthening throughout the spectrum of the market based on the promotion of the tax bill in the US and the waiting for data on employment. But the market also expects data on the euro area, which may cause a correction for the euro.

At the moment, EUR/USD continues to be limited by a downtrend, which is traced from the beginning of the month. This trend may be influenced by the forthcoming data on the GDP of the eurozone, but the dynamics of the pair is still limited by a downward trend. Resistance levels: 1.1820-30 and 1.1860, support: 1.1760-50 and 1.1720.

EUR/USD chart. The current price is 1.1790.

Hanzenko Anton