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Technical Analysis Report - EUR/USD

29/07/2016 // 06:22:18 am

General overview

The Euro strengthened to 2-week highs against the dollar, supported by positive data from Germany and Italy. The Fed decision is keeping the pressure on the dollar.

Current situation

The pair displayed a humble bearish tone. The currency pair rose to the level of 1.1130 region. The resistance is observed at the level of 1.1130, the support lies at 1.1050.

MACD is in the positive territory. The rise in histogram displays the strength of the buyer. RSI rose to the overbought level.

Upward movement of the price for the 50, 100 and 200 EMAs in the 4-hours chart can be observed. However, the EUR/USD was not able to hold there and moved below the 200-EMA.


Trading recommendations

The EUR/USD pair is facing a lot of heat. If the pressure continues, the price will restart the declining journey. If the sellers return to the market the currency pair will fall to 1.1000.

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