EUR/USD today: the pair is expecting decline
Trading on Tuesday on the pair EUR/USD were in a sideways trend with low volatility. As a result, yesterday’s forecast remains the same today. Expectations for the resumption of the downward trend remain the same to Monday.
Events for today:
- 14:15 – Publication of a change in the number of employed in the non-agricultural sector of the US by ADP.
- 15:45 – Release of the business activity index in the manufacturing sector (PMI) of the United States.
- 16:00 – A block of news on the US: the index of employment in the manufacturing sector of the US by ISM and the index of business activity in the manufacturing sector (PMI) of the United States by ISM.
- 20:00 – The results of the meeting of the Federal Reserve: the statement of the US Federal Open Market Committee on the interest rate of the US Federal Reserve.
Despite the fact that the upcoming meeting of the Fed is not extended, it can have a significant impact on the auction, giving a hint of raising rates in December. Also the day is full of news today.
Given that the pair EUR/USD continues trading below the level of 1.1650-60, the potential for the resumption of the downward trend remains. This is also indicated by the general strengthening of the US currency and pressure in the EUR/GBP cross.
Therefore, the downside dynamics is expected to form with the support test: 1.1600 and 1.1570 from the resistance levels: 1.1660 and 1.1680. The breakthrough of the support 1.1570-50 will indicate a more significant decline.
Hanzenko Anton