EUR/USD (a 4-hour chart) -Technical Analysis for 21.07.2016
21/07/2016 // 10:47:21 am
The most important factors pushing the dollar were: positive Building Permits and Housing Starts in the USA and the speech from Dennis P. Lockhart (the Fed representative). Dennis P. Lockhart said that the Brexit did not do much bad to USA economy and the currency sustained the blow. Additionally, the odds that the USA regulator will hike the rate this year also keep growing.
The currency pair, EUR/USD continued to remain under stress. The euro battled to recover to the 1.1000 level but failed but failed to move beyond by the mark 1.1030. The instrument existed in the declining channel, at its lower limit. The resistance is observed at 1.1050, the support exists at 1.1000.
MACD is in the negative zone. The decline in the histogram indicates the strength of the sellers. RSI moved back to the oversold area, its signal line decreased that also indicates strength of the seller.
The price is lower than the 50-EMA which is still acting as a resistance in the 4 hours chart. The downward movement of the moving averages (50, 100 and 200) indicates a sell signal.
The currency pair halted at the strong support at 1.1000. if the EUR/USD breaches the level downwards the pair will move down to 1.0900.
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The dollar remained under pressure against its major rivals as stocks