EUR/USD today: the pair is clamped in the side triangle
Trading on Friday opened with the preservation of optimism on the euro after yesterday’s correction. An additional factor in the recovery of the pair is the aggravation of trade relations between the US and China.
Events for today:
- 14:30 – a speech by a member of the Monetary Policy Committee (MPC) of the Bank of England Vlige.
- 14:30 – data on the US: basic orders for durable goods in the US (m/m), the volume of orders for durable goods in the US (m/m).
- 16:00 – data on the sale of new housing in the US.
- 19:00 – a number of drilling rigs in the USA from Baker Hughes.
After a string of significant news, the market again switched to the US trade wars and the associated risks.
The pair EUR/USD, after all the news, remains clamped in the side triangle from 1.2350-70 to 1.2260-70, which may give rise to the resumption of the American and the decline of this pair. At the same time, a significant level is – 1.2300. From the pair EUR/USD a moderate correction to the level of 1.2300 is expected, consolidation below which will open the way to the support level 1.2260-70. Break through resistance 1.2350-80 cancels the scenario for decrease.
Fig. EUR/USD. The current price is 1.2330.
Hanzenko Anton