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EUR/USD: general analysis

FX:EURUSD   Euro Fx/U.S. Dollar
42 0 3
Current trend

Yesterday the EUR/USD             pair was consolidating after its growth on Tuesday amid the publication of the US ISM Non-Manufacturing PMI. The index fell from 55.5 to 51.4 points in August against an expected decline to 55.0 points. Market participants now see only a 15% chance of an increase in interest rates at the Fed’s September meeting.

Today attention needs to be paid to ECB’s decision on interest rates and a press conference, in which ECB president will give commentaries regarding current state of the economy in the eurozone and prospects of monetary policy.

Support and resistance

The instrument continues trading within an upward channel; a bullish engulfing pattern has been formed. Stochastic and RSI lines are directed up suggesting a growth in the pair.

Support levels: 1.1230, 1.1180, 1.1135.
Resistance levels: 1.1300, 1.1370, 1.1430.

Trading tips

Long positions can be opened from the level of 1.1310 with the target at 1.1370 and stop-loss at 1.1280.
Short positions can be opened from the level of 1.1230 with the target at 1.1180 and stop-loss at 1.1250.
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