Today we would like to draw your attention to the EUR/USD currency pair once more, as it continues to change its mood and the prices fluctuate up and down.
There are a number of economic reports expected today which will likely add to the existing volatility in the pair. From the European Union we expect the Final Core CPI, the Final CPI, the ZEW Economic Sentiment, the ZEW Economic Sentiment from Germany, and the Trade Balance of Italy. So far in 2017 statistics from the eurozone have been positive and have boosted the euro, so it will be interesting to see how the markets react to the releases.
From the United States we also expect several reports, including most notably the TIC Long-Term Purchases, information on the housing market, the Industrial Production levels, the Capacity Utilization Rate, and data on import prices.
On the daily chart for the EUR/USD pair we have a key pivot point located at $1.1799. If the price is trading below it, then we can expect movement based on the support levels at 1.1778, 1.1760, and 1.1739. If the EUR/USD manages to stay above the pivot, then it could touch the resistances at 1.1817, 1.1838, and 1.1856.
As of the moment of this article’s publication the EUR/USD is trading between the first and second support levels - around 1.1766. The technical indicators are somewhat dissonant, but most agree on a strong sell position for the pair.
