The European currency continues to decline. The global strengthening of the US dollar is caused by the growth of the economy and the tightening of monetary policy by the Fed.
On the other hand, the trade war between the US and China continues to gain momentum. Donald Trump expressed his willingness to introduce additional duties on goods from China in the amount of USD 200 billion. China in turn plans to impose retaliatory sanctions. The US position is more stable and we can say that the US market remains more attractive for China.
The speech by Mario Draghi is due today. If the ECB continues to adhere to a soft policy, this will increase pressure on the euro.
Support and resistance
Stochastic is at the level of 35 points and does not indicate the possible correction.
Resistance levels: 1.1596, 1.1645.
Support levels: 1.1520, 1.1474.
Open short positions after the breakdown of the level of 1.1520 with take-profit at 1.1474 and stop-loss at 1.1550.
Euro vs US Dollar
|Support levels||1.1474, 1.1520, 1.1596, 1.1645|
The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.