The pair EUR / USD completed yesterday's trading in the red zone, -0.2%. Investors almost ignored stronger than expected PMI data on the manufacturing sector in the EU and key countries in the region. At the same time, pressure from the American currency intensified, according to yesterday's results, the dollar index strengthened by 0.2%.
Today, the EUR / USD pair is trying to restore the lost positions. At the same time, there is a shortage of important news on the market. There are no significant events in the economic calendar of Europe today, so all market attention will be focused on news from the USA. USA is expected to publish today data on the trade balance and PMI of the services sector. The main event of the day will be the publication of the PMI non-manufacturing sector from ISM. Last month, the indicator unexpectedly fell from 56.4 to 52.6 points, putting serious pressure on the US currency. Today, experts predict an increase to 53.5 points. If the forecast data are confirmed, the dollar can strengthen its position in the foreign exchange market.
On the chart, we note the price rebound from the support area formed in the area of the level of 1.1105. While the price is kept above this mark, the scenario with the growth of quotes remains a priority. The first target is at 1.1180. Medium-term growth can be expected to 1.1230.
Resistance levels: 1.1180, 1.1235, 1.1280.
Support Levels: 1.1105, 1.1065, 1.1020
The main scenario is an increase to 1.1180 from current levels.
An alternative scenario is a breakdown of support at 1.1105 and a decline to 1.1065.
A neutral news background has been formed on the market. Bullish signals prevail locally on the chart. Inside the day, we give preference to longs, which should be considered near the level of 1.1105.
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