EUR/USD today: the pair maintains an uptrend

Trades on the pair EUR/USD on Thursday proved to be very volatile due to comments from Draghi and Trump. So, after the publication of the protocol and the press conference of the ECB, the euro was supported by a statement about the growth of the euro-zone economy. As a result, a three-year maximum at the level of 1.2530 was renewed. But after, appeared the comments of the US President about the misinterpretation of the words of the Minister of Finance about the weak US dollar. Thus, the dollar received a strong stimulus to correction, thereby updating the minimum of the day at 1.2360.

Events for today:

• 15:30 – a news block on the US: basic orders for durable goods in the US (m/m), volume of orders for durable goods in the US (m/m), the US GDP (q/q), the US GDP deflator (q/q.) and the balance of foreign trade in the US goods.
• 16:00 – the speech of the head of the Bank of England Carney.

Also today, the US President D. Trump is expected to hold a speech at the Davos summit where he will comment on the positions of the US dollar.

Given the high degree of politicization of the market and forthcoming performances, the market should expect a high volatility. Omitting possible statements, the pair EUR/USD remains in a significant overbought, which in the end can cause a decline to support levels: 1.2380-60. At the same time, further dynamics of this pair is ambiguous due to political uncertainty. Levels of resistance are: 1.2470 and 1.2520, support: 1.2380 and 1.2350.

Fig EUR/USD. Current price – 1.2450

Hanzenko Anton