Current trend
Yesterday the EUR/USD pair significantly grew and reached the level of 1.1262.
The pair was supported by weak data on the ISM Non-Manufacturing PMI in the US. In August, the index fell from 55.5 to 51.4 points while experts forecasted a decline to only 55.0 points. After the release, the probability of an interest rate hike in September fell to 9%.
Tomorrow extra attention needs to be paid to the ECB Interest Rate Decision. Experts anticipate an expansion in the stimulus program that might substantially pressure the Euro.
Support and resistance
On the 4-hour chart, the pair continues moving along a narrow sideway channel.
Technical indicators give contradicting signals. MACD histogram is in the positive zone and its volumes are growing. Stochastic is turning down in the overbought zone.
Support levels: 1.1230, 1.1180, 1.1125.
Resistance levels: 1.1270, 1.1305, 1.1340.
Trading tips
Long positions can be opened from the level of 1.1270 with the target at 1.1340 and stop-loss at 1.1250.
Short positions can be opened from the level of 1.1230 with the target at 1.1180 and stop-loss at 1.1250.
Yesterday the EUR/USD pair significantly grew and reached the level of 1.1262.
The pair was supported by weak data on the ISM Non-Manufacturing PMI in the US. In August, the index fell from 55.5 to 51.4 points while experts forecasted a decline to only 55.0 points. After the release, the probability of an interest rate hike in September fell to 9%.
Tomorrow extra attention needs to be paid to the ECB Interest Rate Decision. Experts anticipate an expansion in the stimulus program that might substantially pressure the Euro.
Support and resistance
On the 4-hour chart, the pair continues moving along a narrow sideway channel.
Technical indicators give contradicting signals. MACD histogram is in the positive zone and its volumes are growing. Stochastic is turning down in the overbought zone.
Support levels: 1.1230, 1.1180, 1.1125.
Resistance levels: 1.1270, 1.1305, 1.1340.
Trading tips
Long positions can be opened from the level of 1.1270 with the target at 1.1340 and stop-loss at 1.1250.
Short positions can be opened from the level of 1.1230 with the target at 1.1180 and stop-loss at 1.1250.