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Current trend
The Euro strengthened against the US Dollar on Wednesday. The pair has been correcting ahead of Friday’s data on the US labour market, which is likely to determine whether or not an interest rate increase should be expected at the Fed meeting in September.
It should also be noted that the Euro manage to show growth despite relatively weak macroeconomic statistics from the eurozone. In particular, unemployment in the region remained unchanged at 10.1% in July against a predicted decline to 10.0%.
The Consumer Price Index grew 0.2% in August, the same as in the previous month and 0.1% below forecasts. A growth in the Core CPI slowed down from 0.9% to 0.8% in August that was also below market consensus.
Support and resistance
Bollinger Bands on the daily chart is directed horizontally while the price range remains very wide. MACD is keeping a sell signal. Stochastic is in the oversold zone, trying to turn up, that suggests the possibility of a correctional growth in the short term.
The indicators recommend waiting for clearer trading signals.
Support levels: 1.1153, 1.1130, 1.1122 (31 August low), 1.1100, 1.1083, 1.1070 (8 August low), 1.1045 (5 August low).
Resistance levels: 1.1171 (31 August high), 1.1200, 1.1233, 1.1270, 1.1300, 1.1321, 1.1365 (18 August high).
Trading tips
Short positions can be opened after the breakdown of the level of 1.1110 with targets at 1.1047, 1.1000 and stop-loss at 1.1140. Validity – 2-4 days.
Long positions can be opened after the consolidation above the level of 1.1160 with targets at 1.1200, 1.1270 and stop-loss at 1.1120. Validity – 2-4 days.
2016-09-01 10:12 (GMT+2) EUR/USD
Current trend
The Euro strengthened against the US Dollar on Wednesday. The pair has been correcting ahead of Friday’s data on the US labour market, which is likely to determine whether or not an interest rate increase should be expected at the Fed meeting in September.
It should also be noted that the Euro manage to show growth despite relatively weak macroeconomic statistics from the eurozone. In particular, unemployment in the region remained unchanged at 10.1% in July against a predicted decline to 10.0%.
The Consumer Price Index grew 0.2% in August, the same as in the previous month and 0.1% below forecasts. A growth in the Core CPI slowed down from 0.9% to 0.8% in August that was also below market consensus.
Support and resistance
Bollinger Bands on the daily chart is directed horizontally while the price range remains very wide. MACD is keeping a sell signal. Stochastic is in the oversold zone, trying to turn up, that suggests the possibility of a correctional growth in the short term.
The indicators recommend waiting for clearer trading signals.
Support levels: 1.1153, 1.1130, 1.1122 (31 August low), 1.1100, 1.1083, 1.1070 (8 August low), 1.1045 (5 August low).
Resistance levels: 1.1171 (31 August high), 1.1200, 1.1233, 1.1270, 1.1300, 1.1321, 1.1365 (18 August high).
Trading tips
Short positions can be opened after the breakdown of the level of 1.1110 with targets at 1.1047, 1.1000 and stop-loss at 1.1140. Validity – 2-4 days.
Long positions can be opened after the consolidation above the level of 1.1160 with targets at 1.1200, 1.1270 and stop-loss at 1.1120. Validity – 2-4 days.
Scenario
Timeframe | Intraday |
Recommendation | SELL STOP |
Entry Point | 1.1100 |
Take Profit | 1.1047, 1.1000 |
Stop Loss | 1.1140 |
Key Levels | 1.1045, 1.1070, 1.1083, 1.1100, 1.1122, 1.1130, 1.1153, 1.1171, 1.1200, 1.1233, 1.1270, 1.1300, 1.1321, 1.1365 |
Alternative scenario
Recommendation | BUY STOP |
Entry Point | 1.1165 |
Take Profit | 1.1200, 1.1270 |
Stop Loss | 1.1120 |
Key Levels | 1.1045, 1.1070, 1.1083, 1.1100, 1.1122, 1.1130, 1.1153, 1.1171, 1.1200, 1.1233, 1.1270, 1.1300, 1.1321, 1.1365 |
with
M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
- YOU WILL NEVER TRADE ALONE -
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.