EUR/USD: Euro continued growing on 11.09.2015

September 11, 2015

Current trend

On Thursday, the Euro managed to strengthen significantly against the USD amid poor macroeconomic statistics from the US.

Even though the number of Initial Jobless Claims for the week fell from 281 to 275 thousands, Continuing Jobless Claims showed an increase to 2.260 million, against forecasted 2.250 million claims. Furthermore, the yearly Import Price Index for August declined by 11.4%, against the previous figure of -10.4%, the worst decrease since January. The monthly index showed a 1.8% reduction.

Support and resistance

The middle MA of Bollinger Bands on the daily chart continues moving downwards, despite a substantial growth in the Euro, while the price range narrows rapidly. MACD is growing and giving a weak buy signal. Stochastic is approaching the overbought zone, which could indicate a fall in demand for the pair in the short-term.

The indicators recommend considering long positions, or wait for a clearer trading signal.

Support levels: 1.1245, 1.1200, 1.1153, 1.1100 (3 and 4 September lows), 1.1035, 1.1000 (psychologically important level), 1.0970, 1.0900 (beginning of August low).

Resistance levels: 1.1300 (local high), 1.1360, 1.1400, 1.1500, 1.1560 (26 August high), 1.1621, 1.1713 (24 August high).

Trading tips

Long positions can be opened after the breakout and consolidation above the level of 1.1300 with the target at 1.1400 and stop-loss at 1.1200.

Short positions can be opened after the price rebound from the level of 1.1300 with targets at 1.1200, 1.1100 and stop-loss at 1.1360, 1.1380.

Publication source
LiteForex information  LiteForex reviews

February 24, 2017
Oil prices slightly grew
Brent oil prices extended their recovery in the Asian session on Thursday. Buyers led the price higher and broke 56.50 dollars per barrel in the early European morning...
February 24, 2017
Dollar drifts on Fed's lack of optimism
FOMC February meeting minutes released on Wednesday failed to provide support for the bulls to manage a sustainable breakout above 101.50...
February 24, 2017
Can gold continue post Fed rally?
Gold jumped to a 3 month high today, snapping a 3-day losing streak today after traders digested yesterday’s minutes meeting from the US Federal Reserve...

Larson&Holz IT Ltd Rating
FX Giants Rating
XM Rating
Tickmill Rating
Fort Financial Services Rating
Exness Rating

First Binary Option Service Rating
Binary.com Rating
Empire Option Rating
TopOption Rating
Banc De Binary Rating
Migesco Rating