In the first half of the day, we should expect an increase in quotations against the background of a rally in the American stock market, inasmuch as this currency pair is historically correlated with the S&P500 index. The American stock market is demonstrating rapid growth now, insofar as by the end of the 2nd quarter GDP growth is expected by 9%, and by the end of the 3rd quarter – by 8.3%.

Against this background, investors expect to see a substantial increase in corporate profits, which, given the current low interest rates of the Federal Reserve, will have a beneficial influence on the price of securities. In the afternoon, the course of trading will be determined by statistics from the US on the labor market. An optimistic report will reinforce an uptrend, a weak release will contribute to a technical correction.

Trading recommendation: Buy 111.40/111.20 and take profit 111.70.