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EUR/USD Hovers Around 1.1200 After Mix Data

Discussion in 'Technical Analysis' started by Kaitlin, Sep 1, 2015.

  1. Kaitlin

    Kaitlin Forum Member

    Aug 29, 2015
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    The forex board saw limited moves this Monday, with volumes low amid a London holiday and major market movers ahead in the week.

    In Europe, data was generally positive, with German Retail Sales up in July by 1.4% against expectations of a 1.0% advance, whilst a revision of the EU CPI in August resulted at 0.2% compared to a year before, above expectations of 0.1%. In the US on the other hand, the Chicago PMI index in August resulted at 54.4, missing expectations of 54.7.

    The EUR/USD pair however, was unable to move too far away from the 1.1200 level, having advanced up to 1.1261 during the Asian session.

    Technically, the short term picture has become neutral, as in the 1 hour chart, the price is moving back and forth around a flat 20 SMA, whilst the technical indicators present a tepid bearish slope around their mid-lines.

    In the same chart, the 100 SMA has crossed below the 200 SMA, both in the 1.1300 region, maintaining the risk towards the downside. In the 4 hours chart, the 20 SMA maintains a strong bearish slope above the current price, whilst the Momentum indicator is ready to cross its mid-line towards the upside, and the RSI hovering around 42, suggesting also limited upward potential, as long as the price remains below the 1.1280 level, the 61.8% retracement of these last two weeks advance.

    Support levels: 1.1160 1.1120 1.1075

    Resistance levels: 1.1245 1.1280 1.1330

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