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EUR / USD pair is preparing for another assault on the 1.18 level

EUR / USD pair is holding in positive territory on Thursday. Trading is rather calm, as there is no news on the market yet that could significantly affect the behavior of traders.

 

In the United States, domestic political news remains in the spotlight. The day before, Donald Trump once again called on Congress to adopt a new package of measures to help the economy, but noted that negotiations to agree on the bill would be resumed only after the presidential elections, which are scheduled for November 3. Investors have no doubt that after the elections a new package of measures will be adopted by Congress and are gradually taking this into account in the price.

 

Many experts note the growing uncertainty in anticipation of the US presidential elections may increase the demand for the dollar as a defensive asset. Therefore, the prospects for the recovery of the EUR / USD pair still look ambiguous.

 

The worsening epidemiological situation in the EU puts additional pressure on the European currency. Today, the Robert Koch Institute reported that in Germany, for the first time since April 4, the number of infected people per day exceeded 4 thousand people. An increase in the number of cases may lead to increased quarantine measures and a slowdown in the pace of economic recovery.

 

In the EU today, the focus will be on speeches by ECB representatives, as well as a report on the bank's monetary policy.

 

In the US, attention should be focused on the publication of weekly statistics on the labor market.

 

After a long consolidation, the currency pair overcame the resistance at 1.1770. The next target for the bulls is the level 1.1800. If this level is passed today, the price may rise to 1.1865.

 

  • Resistance levels: 1.1770, 1.1800, 1.1865.

 

  • Support levels: 1.1700, 1.1635, 1.1590.

 

The main scenario - rise to 1.1800, a pullback to 1.1760 with a renewed upward movement.

 

Alternative scenario - growth to 1.1865 from current levels.

 

The current fundamental outlook is neutral. We consider longs from the level of 1.1760

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