Technical Analysis of the EUR/USD Pair for March 28
If yesterday the euro was still able to win back some of its positions against the pound, then it could not do it against the dollar and the Swiss franc. Unlike the single currency, the US dollar was able to strengthen against the basket of major currencies and the dollar index showed a moderate increase.
Today in the US we expect the publication of data on GDP growth. It is predicted that it will be 2.4%, which is 0.2% less than the previous figure and shows a slowdown in the economy.
At the moment the pair is consolidating at the support level of 1.1255 and has suspended its fall. Now we can expect growth from this position, however, the data coming out today from the eurozone may further weaken the single currency, sending it to the minimum near 1.1185.
We believe that we should expect a further drawdown on the pair and take short positions. We expect that the pair will soon head towards the 1.1215 and 1.1185 levels.