The dollar strengthened on the back of renewed speculation

September 13, 2016

The dollar strengthened on the back of renewed speculation that the Fed will act as soon as this month and due to the ECB’s decision to keep the rate unchanged.

Current situation

The pair traded flat on Monday. The price was able to recover in the Asian session. However, the EUR/USD pair erased all its previous gains at the start of the European session. The price got under selling pressure and was trending towards 1.1200 during the European hours. The euro touched the 50-EMA in the 4 hours chart. The 50-EMA acts as a support for the price. The 50, 100 and 200 EMAs are pointing higher in the same chart. The resistance is seen at 1.1270, the support stands at 1.1200.

MACD is in the positive area. MACD decreased which indicates the buyers’ positions weakening. RSI is neutral, its signal line is approaching the oversold area.

Trading recommendations

If the pressure persists the EUR/USD pair can fall below 1.1200. In this potential scenario, sellers will push the price to 1.1130. On the other hand, the EUR/USD can recover up to the 1.1300 region.

Publication source
Fort Financial Services information  Fort Financial Services reviews

January 20, 2017
The dollar has settled moderately lower
Asian stock markets were mixed overnight, after U.S. and European shares closed in the red Thursday. Japan and mainland China bourses managed to move higher (Chinese GDP beat expectations at 6.8%)...
January 20, 2017
A huge disappointment in the UK data
UK retail sales fell most since 2012. We see he fastest pace of decline in almost five years in December. It is due to sales of... pretty much everything from household goods to clothing and food...
January 20, 2017
Trump takes office today. Markets await inauguration speech
Investors await Trump's inauguration and speech due later today as he takes office as the 45th President of the United States. The U.S. dollar was seen giving up some of the gains yesterday with some volatility coming off the EURUSD on the back of the ECB meeting... Rating
FBS Rating
XTB Rating
 FXTM Rating
Tickmill Rating
Grand Capital Rating

OptionFair Rating
GTOptions Rating
OptionBit Rating
Anyoption Rating
UKoptions Rating
365BinaryOption Rating