Current trend

Yesterday, the US Dollar strengthened against the Euro amid the publication of favorable data on Initial Jobless Claims in the US. The indicator came in at 262K against the forecast of 275K.

Current Account of the eurozone grew to 41.4 billion. The indicator has a limited effect on the market, but, in general, favorable data can support the European currency.

Today, attention needs to be paid to the publication of Consumer Price Index in the US. A growth in the indicator might strengthen the USD, while a result below the forecast would affect the American currency.

Support and resistance

On the daily chart, the pair is trading near the middle Bollinger band. The price remains above the MA50, MA100 and MA144, all directed horizontally. MACD histogram is in the positive zone, and its volumes are gradually falling. ADX is falling; DI lines are crossing each other and heading down as well.

Support levels: 1.1045, 1.0995, 1.0945, 1.0915, 1.0863, 1.0800, 1.0770, 1.0525.

Resistance levels: 1.1110, 1.1155, 1.1247, 1.1326.

Trading tips

Short positions can be opened from the level of 1.1045 with the target at 1.0995 and stop-loss at 1.1085.

Long positions can be opened from the level of 1.1110 with the target at 1.1150 and stop-loss at 1.1085.

Validity – 1-2 days.

EUR/USD: general analysis Current trend




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