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EUR / USD remains under pressure

The pair EUR / USD today is trading in a narrow range, in the region of yesterday’s 3-weeks low. There is no important news in the US and EU economic calendar today, so news in the field of international trade will continue to have the main influence on the dynamics of the market.

This morning, the European press published comments by the head of the European Commission, Jean-Claude Juncker, who believes that Donald Trump will not impose 25 percent duties on the European cars. But, news on the course of US-Chinese negotiations has a stronger influence on the dynamics of the financial market. One of the White House advisers on the eve, denied the information on reaching agreements on the abolition of previously introduced trade duties. Investor risk appetite is falling, which is a bearish signal for the EUR / USD pair.

On the chart, the currency pair fixed below the level of 1.1065. This is a bearish signal, so in the medium term we can expect a decline in quotations to 1.1000. It will be possible to talk about a change in the situation after a breakdown of resistance at 1.1090.

Resistance levels: 1.1060, 1.1090, 1.1130.

Support levels: 1.1040, 1.1000, 1.0950

The main scenario is a correction to 1.1060 and the resumption of the downward movement.

An alternative scenario is a breakdown of the level of 1.1060 and an increase to 1.1090.

The market is dominated by a negative fundamental background. On the chart, bearish signals prevail locally. Inside the day we consider shorts from levels 1.1060 and 1.1090.

 

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