EUR/USD: general analysis
Current trend
Last Friday, the EUR/USD pair grew amid statistics on the US GDP. Preliminary data showed that the American economy grew 1.2 percent in the second quarter while economists projected a 2.6 percent rise.
The pair was also supported by data on inflation in the eurozone. The Consumer Price Index grew 0.2 percent in July after a 0.1 percent gain in the previous month.
Today market participants will be following data on the Markit US Manufacturing PMI which is released at 3:45 pm (GMT+2).
Support and resistance
Bollinger Bands on the 4-hour chart is directed up. The price broke out the upper border of the range that indicates the possibility of a downward correction towards the middle MA. MACD histogram is in the positive zone, its volumes are growing.
Support levels: 1.1148, 1.1115, 1.1087, 1.1010.
Resistance levels: 1.1196, 1.1276, 1.1321, 1.1365.
Trading tips
Long positions can be opened after the price breaks out and consolidates above the level of 1.1196 with targets at 1.1276, 1.1321, 1.1365 and stop-loss at 1.1166.
Short positions can be opened after the price breaks down and consolidates below the level of 1.1087 with targets at 1.1050, 1.1010 and stop-loss at 1.1115.
