Current trend
EUR is showing a slight increase against USD during the Asian session, developing an upward momentum formed the day before, when the market was winning back the results of the publication of macroeconomic statistics from the US. Consumer Price Index excluding Food and Energy in July sharply slowed down from +0.9% MoM to +0.3% MoM, which, however, turned out to be quite close to the market forecasts at the level of +0.4% MoM. In annual terms, the same indicator slowed down from +4.5% YoY to +4.3% YoY, which coincided with investors' expectations.
In general, the statistics on inflation did not provide any additional support to USD, which has significantly strengthened after the publication of a strong report on the labor market at the end of last week. Rather, on the contrary, yesterday's data put pressure on USD, as it correlates with the statements of the US Fed that high inflation is only a temporary factor due to the rapid economic recovery.
Support and resistance
Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range expands, making way to new local lows for the "bears". MACD is trying to reverse upwards keeping a previous sell signal (located below the signal line). Stochastic demonstrates a similar dynamics, preparing for a breakout of the level of "20". Current readings of the indicator signal in favor of an uptrend in the ultra-short term.
Resistance levels: 1.1752, 1.1800, 1.1849, 1.1900.
Support levels: 1.1700, 1.1657, 1.1600, 1.1546.
EUR is showing a slight increase against USD during the Asian session, developing an upward momentum formed the day before, when the market was winning back the results of the publication of macroeconomic statistics from the US. Consumer Price Index excluding Food and Energy in July sharply slowed down from +0.9% MoM to +0.3% MoM, which, however, turned out to be quite close to the market forecasts at the level of +0.4% MoM. In annual terms, the same indicator slowed down from +4.5% YoY to +4.3% YoY, which coincided with investors' expectations.
In general, the statistics on inflation did not provide any additional support to USD, which has significantly strengthened after the publication of a strong report on the labor market at the end of last week. Rather, on the contrary, yesterday's data put pressure on USD, as it correlates with the statements of the US Fed that high inflation is only a temporary factor due to the rapid economic recovery.
Support and resistance
Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range expands, making way to new local lows for the "bears". MACD is trying to reverse upwards keeping a previous sell signal (located below the signal line). Stochastic demonstrates a similar dynamics, preparing for a breakout of the level of "20". Current readings of the indicator signal in favor of an uptrend in the ultra-short term.
Resistance levels: 1.1752, 1.1800, 1.1849, 1.1900.
Support levels: 1.1700, 1.1657, 1.1600, 1.1546.