EUR/USD today: the pair has accelerated growth
On Tuesday, the pair EUR/USD broke the sideways trend, thereby signaling about the further strengthening of the euro. The growth was caused by the widespread decline in the US currency due to the growing economic confrontation between the US and China.
Events for today:
- 11:30 – announcement of data on employment in the UK.
- 16:45 – a block of data on business activity in the United States.
- 17:00 – publication of data on real estate in the US
The day is full of news, but mainly the market is focused on the US economic relations and forthcoming publication of the ECB’s meeting, which will be held tomorrow.
Despite the general weakness of the US currency, which is weakening across the entire spectrum of the market, the pair EUR/USD is likely to undergo correction before the ECB meeting. In addition, do not forget about the overbought of this pair, which, under the conditions of the upcoming news, can strengthen the corrective movement. The market remains somewhat nervous due to a general decline in the dollar because of the risks. Therefore, the forthcoming meeting of the ECB and the subsequent performance of Draghi can be perceived vigorously.
The rising dynamics of the EUR/USD pair is largely due to the overall decline of the American, rather than the growth of the euro, which is confirmed by the decline in the euro in cross-rates. The resistance levels are: 1.2350-70 and 1.2400. Support is located at the levels: 1.2300 and 1.2280-60.
Fig. EUR/USD. The current price is 1.2340.
Hanzenko Anton