EUR/USD today: pair is in uncertainty
Trading on Thursday closed with a noticeable increase in the pair EUR/USD, which was caused by the replacement of the White House Secretary of State. As a result, the US currency was under considerable pressure. The additional pressure on the American was caused by a hitch in the vote on the tax reform in the US, which also has a negative impact on the general sentiment of the market. The expected trading range was justified, confirming the option with maintainance of the uptrend.
Events for today:
- 15:30 – announcement of the news block on Canada: the change in employment in Canada, Canada’s GDP, the change in Canada’s GDP for the year and the unemployment rate in Canada.
- 16:45 – release of the index of business activity in the manufacturing sector (PMI) of the United States.
- 17:00 – release of the statistics on the US manufacturing sector.
- 20:00 – announcement of the number of drilling rigs in the US by Baker Hughes.
The day is also full of news, but mainly the market is focused on the tax reform in the US, which keeps some nervousness in the market.
Taking into account the repulse of the EUR/USD pair from the level of 1.1820 and fixing the price above 1.1860, one should expect the uptrend. It opens the way to resistance levels: 1.1950 and 1.1980, but before that, correction with the support test 1.1880-50 is possible. Also, do not forget about the tax reform, which is actively discussed in the market, and news that can cause a surge in volatility. Break through support: 1.1880-50 cancels the scenario for reinforcement.
The graph of the EUR/USD pair. The current price is 1.1910.
Hanzenko Anton