EUR/USD overview for August 07, 2015

7 August, 2015

General overview

The Germany industrial orders rose up by 2.0% m/m and 7.2% y/y. The German industry rapid growth is connected with the cheap euro and also with the European continuing producer prices decline, though it does not eliminate the deflation threat.

The corrective rebound was formed which allowed buyers to test the resistance of 1.0925.

The price is finding the first support at 1.0790, the next one is 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is correcting.

Trading recommendations

The downward bounce potential target is 1.0790.

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