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EUR / USD recovers amid weakening dollar

The pair EUR / USD maintains an upward movement vector amid widespread weakening of the dollar and the emergence of positive news on Brexit.

The results of the negotiations between the Prime Ministers of Great Britain and Ireland significantly increased the optimism of investors regarding the possibility of concluding a new agreement on Brexit. At the meeting, the parties developed an action plan to address the Irish border. According to Sky News, Johnson proposed a simplified customs agreement. Today, the market expects the meeting of Michel Barnier and Stephen Barkley. The results of the negotiations will show how realistic the expectations regarding the possibility of concluding a Brexit agreement before October 31 are.

At the same time, the dollar remains under pressure against the backdrop of an increased risk appetite for investors. The American currency was considered as a protective asset in the worsening situation in world trade. Positive news on the course of trade negotiations between the USA and China contribute to a decrease in demand for the American currency.

Today there is no important news in the US and EU economic calendar, so the main driver for the EUR / USD pair will be the news of geopolitics (trade negotiations in Washington and negotiations on Brexit) and the situation on the stock market.

The currency pair could not break the resistance at 1.1025. Nevertheless, buyers continue to keep the price near this level, forming local support at 1.1000. Therefore, the scenario with the breakdown of the level of 1.1025 and the growth of quotations to 1.1085 remains a priority.

Resistance levels: 1.1025, 1.1085, 1.1160.

  • Support levels: 1.1000, 1.0975, 1.0945.

The main scenario is the support retest at 1.1000 and the resumption of the upward movement to 1.1085.

An alternative scenario is a breakdown of support at 1.1000 and a decline to 1.0975.

Moderately positive news background locally prevails on the chart. There are bullish signals on the chart. We give priority to longs from levels 1.1000 and 1.0975 (a safer entry point).

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