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Technical Analysis Report - EUR/USD

02/08/2016 // 05:27:12 am

General outline:

The dollar kept increasing against its major counterparts around the globe following the negative Manufacturing PMI for the month of July.

Present scenario:

The currency pair EUR/USD remains in a narrow range at the outset of the week.   The euro fell from the 5-week high set last Friday.  At the moment, the resistance is observed at 1.1200, the support exists at 1.1130.

MACD is in the positive territory. MACD decreased which points towards weakening positions of the buyers. RSI is in the overvalued area. The indicator still gives a buy signal.

In the - hours chart, the instrument is moving around and above the 50, 100 and 200 Day EMAs. The upward movement of the moving averages from the 50-EMA is to the 100-EMA indicates a buy signal.


Trading commendations:

We are expecting a slight euro correction to the 1.1100 region where we hope a turnover and a further increase. The targets for the buyers are 1.1200 and 1.1270.

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