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Technical Analysis Report - EUR/USD

16/08/2016 // 07:56:54 am

General outline:

With the release of poor U.S. statistics, pressure is slowly building on the dollar. The position of the USD is weakening w.r.t the major currency pairs !

Present scenario:

The euro gained position on Monday and the traders were able to move the currency northwards to the 1.1200 region. The resistance is observed at 1.1200, the support stands at 1.1130.

MACD exists in the positive area. The rise in histogram displays the strength of the buyers. RSI approached the overbought area. Indicators are generating a buy signal.

The price is moving away from the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages range is expanding, the 50-EMA is moving away from the 100 and 200 EMAs. Buy Signal is generated by the Moving Averages

Trading commendations:

The price moved towards the resistance level of 1.1200. If the currency pair breach the level, the upward journey will  continue to 1.1270.

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