14, September 2016

EUR/USD (a 4-hour chart)

General overview

The euro remained under pressure following the negative Economic Sentiment in Germany for September.

Current situation

The pair EUR/USD traded within a tight range on Tuesday. The price went back and forth between 1.1220-1.1240 during the day. The instrument stayed above the moving averages in the 4 hours chart. The 4 hour charts shows that the price is currently struggling with a bullish 50-EMA. All moving averages maintain a bullish slope and stand around the level 1.1200, adding additional support to the price. The resistance is seen at 1.1270, the support stands at 1.1200.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is neutral.

Trading recommendations

The level 1.1200 is an obstacle for sellers on their way down. Should that level break down and the price will fall to 1.1130.