Current trend
The single European currency is trading slightly up against the US Dollar. At present, the pair remains within the range of 1.0910-1.0930. Analysts suggest the USD will continue strengthening as the Fed has started tightening US monetary policy. ECB, in its turn, tends to expand monetary stimulus to boost the EU economy.
GDP data for the third quarter is due today in the US. If the indicator comes in above the forecast of 1.9%, EUR short positions should be placed.
Support and resistance
The support level is 1.0807.
The nearest resistance level is 1.1009.
Trading tips
Short positions can be opened from the level of 1.1009 with the target at 1.0815 and stop-loss at 1.1065.
The single European currency is trading slightly up against the US Dollar. At present, the pair remains within the range of 1.0910-1.0930. Analysts suggest the USD will continue strengthening as the Fed has started tightening US monetary policy. ECB, in its turn, tends to expand monetary stimulus to boost the EU economy.
GDP data for the third quarter is due today in the US. If the indicator comes in above the forecast of 1.9%, EUR short positions should be placed.
Support and resistance
The support level is 1.0807.
The nearest resistance level is 1.1009.
Trading tips
Short positions can be opened from the level of 1.1009 with the target at 1.0815 and stop-loss at 1.1065.