A mixed background is being formed today. On the one hand, we should expect a decline in quotations, inasmuch as investors are now getting rid of the US dollar after the publication of data on the labor market for June. In the American economy at the beginning of the summer, 850,000 new jobs were created, which is clearly not enough to reduce the Fed’s stimulus.

On the other hand, the bullish rally in the American stock market may provide good support for this currency pair, insofar as it is historically correlated with the S&P500 index, which finished the past week at its historical maximum.

Trading recommendation: flat 110.60 – 111.50.