EUR/USD: general analysis

FX:EURUSD   Fx Euro/Dolar U.S.
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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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