Current trend
Today, during the Asian session, the EUR/USD shows flat trading dynamics, consolidating around 1.1800 and waiting for new drivers to appear on the market.
EUR looks quite attractive, as USD is still under pressure after the speech of the head of the US Federal Reserve, Jerome Powell, at the end of last trading week at the annual symposium in Jackson Hole. The official did not give specific recommendations on the timing of the reduction of the quantitative easing (QE) program, noting only that this could happen this year under certain conditions.
Tuesday’s EU Macroeconomic statistics supported EUR. Thus, the consumer price index rose by 3% YoY for August after rising by 2.2% for the previous month. Analysts were counting on an increase of 2.7%. The benchmark index accelerated from 0.7% to 1.6% YoY, slightly beating forecasts of 1.5%.
Support and resistance
On the daily chart, Bollinger bands move flat. The price range expands from above, letting the “bulls” renew local highs. MACD grows, maintaining a relatively strong buy signal (the histogram is above the signal line), and tries to consolidate above the zero line. Stochastic, on the contrary, demonstrates a rather active corrective decline, signaling for the development of the "bearish" dynamics in the nearest time intervals.
Resistance levels: 1.1849, 1.1900, 1.1950, 1.2000.
Support levels: 1.1800, 1.1741, 1.1700, 1.1657.
Today, during the Asian session, the EUR/USD shows flat trading dynamics, consolidating around 1.1800 and waiting for new drivers to appear on the market.
EUR looks quite attractive, as USD is still under pressure after the speech of the head of the US Federal Reserve, Jerome Powell, at the end of last trading week at the annual symposium in Jackson Hole. The official did not give specific recommendations on the timing of the reduction of the quantitative easing (QE) program, noting only that this could happen this year under certain conditions.
Tuesday’s EU Macroeconomic statistics supported EUR. Thus, the consumer price index rose by 3% YoY for August after rising by 2.2% for the previous month. Analysts were counting on an increase of 2.7%. The benchmark index accelerated from 0.7% to 1.6% YoY, slightly beating forecasts of 1.5%.
Support and resistance
On the daily chart, Bollinger bands move flat. The price range expands from above, letting the “bulls” renew local highs. MACD grows, maintaining a relatively strong buy signal (the histogram is above the signal line), and tries to consolidate above the zero line. Stochastic, on the contrary, demonstrates a rather active corrective decline, signaling for the development of the "bearish" dynamics in the nearest time intervals.
Resistance levels: 1.1849, 1.1900, 1.1950, 1.2000.
Support levels: 1.1800, 1.1741, 1.1700, 1.1657.