Today the pair is growing amid some weakening in the US Dollar that remains under pressure prior to the Fed Interest Rate Decision. According to forecasts, the rate will remain unchanged at 0.5% due to the publication of very weak data on the US labour market. Just to remind, the Nonfarm Payrolls came out at 38 thousands that was significantly worse than the forecasts.
At the same time, the Unemployment Rate fell to 4.7%, which signals that in the medium-term is likely to accelerate and that would lead to tightening in .
Support and resistance
On the hourly chart, the pair is trading in a narrow sideways channel between the levels of 1.1237 and 1.1189.
The does not give a clear trading signal.
The nearest support levels is at 1.1189.
The nearest is at 1.1237.
Long positions can be opened from the level of 1.1240 with the target at 1.1303 and stop-loss at 1.1189.
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