EUR/USD: decline resumed on 16.09.2015

September 16, 2015

Current trend

Despite not so positive US macroeconomic releases, the European currency resumed its decline, stepping back from Monday’s local highs. Many market participants have taken “wait-and-see” attitude ahead of the Fed meeting, due on Thursday.

On Tuesday, Retail Sales and Industrial Production statistics were released in the US. In August, Retail Sales climbed 0.2% against a 0.7% gain in July and 0.3% forecast. After a recent 0.9% growth, Industrial Production shrank by 0.4%, while a 0.2% decline had been expected.

Support and resistance

Bollinger Bands indicator on the daily chart is directed horizontally, and the price range remains unchanged. MACD is trying to turn down and form a sell signal. Stochastic, having left the overbought zone, is declining.

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

Support levels: 1.1245, 1.1245, 1.1200, 1.1153, 1.1100 (near 3 and 4 September local lows), 1.1035, 1.1000 (important psychological level).

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

Trading tips

Long positions can be opened after the breakout of the levels of 1.1360, 1.1400 (with the appropriate indicators signals) with targets at 1.1500, 1.1560 and stop-loss at 1.1245.

Short positions can be opened after the breakdown of the levels of 1.1245, 1.1200 with the target at 1.1100 and stop-loss at 1.1300.

Publication source
LiteForex information  LiteForex reviews

December 5, 2016
Crisis Lite
The Italian referendum on constitutional reform saw voters reject the proposals in front of them, in a fairly decisive manner. As such, Italian PM Renzi will tender his resignation today and this became part of the issue...
December 2, 2016
Oil may remain above $50
The Oil price continued to push higher today reaching its highest level in over a year with some predicting that the OPEC deal reached yesterday was a game changer and further gains are expected...
November 29, 2016
Euro may hit parity with US dollar
The Euro was under further pressure today against the US dollar on the back of political instability in Italy and, bringing it closer to parity with its American counterpart...

FXCM Rating
Fort Financial Services Rating
HYCM Rating
Z.com Trade Rating
Tickmill Rating
FBS Rating

TopOption Rating
EZTrader Rating
IQ Option Rating
Banc De Binary Rating
365BinaryOption Rating
TropicalTrade Rating