08, September 2016

EUR/USD (a 4-hour chart)

General overview

The dollar retreated from the recent lows. However, we believe its growth will be limited in the light of the disappointing US statistics.

Current situation

After a sharp growth the pair holds below 1.1270. The consolidation is so far holding within 1.1230 and 1.1270 range. The euro stays above the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages are turning upwards. The resistance is seen at 1.1270, the support stands at 1.1200.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator continues consolidating within overbought levels.

Trading recommendations

The price may reverse some of its losses and decrease to the 1.1180 region where the moving averages reside. The lines can provide a support for the price which may bounce upwards to presume its growth. The levels 1.1270 and 1.1350 are the next buyers’ targets.