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EUR/USD: Euro buyers need correction for a new wave of growth and a reversal of the trend

Euro buyers need a correction for a new wave of growth and a reversal of the trend. Eurozone current account balance has grown while sales in the secondary housing market of the United States declined again.

The euro managed to rectify its position, which at the close of the day allowed the bears to capture only a slight advantage after falling throughout the week.

Data released in the euro area supported the euro on Friday. According to the report, the positive balance of the current account of the balance of payments in the eurozone increased due to the growth in the positive balance of trade in goods.

According to the European Central Bank, the current account balance of the eurozone in August of this year amounted to 24 billion euros after a surplus of 19 billion euros in July. However, compared to the same indicator for 2017, the surplus was smaller when it was 39 billion euros.

Such data will probably not remain without getting the attention from the administration of President Donald Trump, who recently criticized the EU representatives, saying that they are not working on a trade agreement between the US and the EU.

In general, over the 12 months to August of the current year, the positive balance of the current account of the balance of payments in the eurozone amounted to 379 billion euros, equivalent to 3.3% of GDP.

Housing data continues to push investors away from purchases of the US dollar. According to a report by the National Association of Realtors NAR, sales in the secondary housing market in the United States declined significantly last month. Thus, sales in the secondary housing market in September 2018 and amounted to 5.15 million homes per year. Economists had expected sales of 5.29 million. Compared to the same period of the previous year, sales in September fell by 4.1%.

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The speech of the Federal Reserve representative, Robert Kaplan, did not allow the US dollar to regain its positions against risky assets. Kaplan said that the Fed is achieving goals within its dual mandate, which allows for the time being to keep the policy in a moderately stimulating direction.

He also noted that the rate of interest rates of the Fed is currently taken into account in the market quotes, but the US should moderate its debt growth and to a lesser extent rely on the status of the dollar as a reserve currency.

This is a list of buyers who have made a significant difference. area of large support levels of 1.1500 and 1.1480. In the area of 1.1570 and 1.1610.

As for the technical picture of the EUR/USD pair, buyers gave a significant rebuff to the sellers, and their next step will be to build the lower boundary of the upward channel, which can be formed earlier this week after the downward correction in the area of large support levels of 1.1500 and 1.1480. The main task will be to return to large levels of resistance in the area of 1.1570 and 1.1610.

The British pound continues to trade in the side channel, however, the pressure of bears is getting stronger along with the unresolved problem on Brexit and unimportant matters in the ruling Christian Democratic Party Angela Merkel.

According to the data, in September of this year, UK public sector borrowing declined, which makes it possible to reach the target level of borrowing this year. According to the report, the net borrowings of the UK public sector in September amounted to 4.1 billion pounds against 4.9 billion pounds a year ago. Economists had expected a deficit of 5.2 billion pounds in September. The government hopes that by the end of the current fiscal year, borrowing will not exceed 31.1 billion pounds.

The material has been provided by InstaForex Company - www.instaforex.com