Current trend
EUR shows a slight increase against USD during the Asian session, correcting after a noticeable decline the day before, as a result of which the instrument renewed local lows since August 27.
USD was supported by positive macroeconomic statistics from the US on the dynamics of retail sales yesterday. In August, retail sales rose 0.7% MoM after falling 1.1% MoM in July. Analysts had expected negative dynamics to remain at –0.8% MoM. Retail Sales Control Group for the same period showed a steady growth of 2.5% MoM, which also turned out to be significantly better than analysts' expectations at the level of –0.1% MoM. Retail Sales excluding Autos rose 1.8% MoM after falling 0.4% MoM a month earlier.
Today, investors are focused on statistics from the eurozone on the dynamics of consumer prices in August. Price pressures in the region are expected to rise slightly, which is unlikely to have an impact on the European Central Bank (ECB) in terms of monetary tightening.
Support and resistance
On the D1 chart, the Bollinger Bands are gradually reversing into a descending plane. The price range is slightly expanding; however, it fails to keep up with the growth of trading activity yet. MACD is going down, keeping a fairly stable sell signal (located below the signal line). Stochastic, having failed to demonstrate a confident corrective growth, reversed downwards again, responding to the surge in "bearish" sentiment yesterday.
Resistance levels: 1.1800, 1.1850, 1.1900, 1.1950.
Support levels: 1.1741, 1.1700, 1.1657, 1.1600.
EUR shows a slight increase against USD during the Asian session, correcting after a noticeable decline the day before, as a result of which the instrument renewed local lows since August 27.
USD was supported by positive macroeconomic statistics from the US on the dynamics of retail sales yesterday. In August, retail sales rose 0.7% MoM after falling 1.1% MoM in July. Analysts had expected negative dynamics to remain at –0.8% MoM. Retail Sales Control Group for the same period showed a steady growth of 2.5% MoM, which also turned out to be significantly better than analysts' expectations at the level of –0.1% MoM. Retail Sales excluding Autos rose 1.8% MoM after falling 0.4% MoM a month earlier.
Today, investors are focused on statistics from the eurozone on the dynamics of consumer prices in August. Price pressures in the region are expected to rise slightly, which is unlikely to have an impact on the European Central Bank (ECB) in terms of monetary tightening.
Support and resistance
On the D1 chart, the Bollinger Bands are gradually reversing into a descending plane. The price range is slightly expanding; however, it fails to keep up with the growth of trading activity yet. MACD is going down, keeping a fairly stable sell signal (located below the signal line). Stochastic, having failed to demonstrate a confident corrective growth, reversed downwards again, responding to the surge in "bearish" sentiment yesterday.
Resistance levels: 1.1800, 1.1850, 1.1900, 1.1950.
Support levels: 1.1741, 1.1700, 1.1657, 1.1600.