26, September 2016

EUR/USD (a 4-hour chart)

General overview

Germany published positive Manufacturing PMI from Markit on Friday. Despite the positive data the figures did not impact the pair.

Current situation

 The near-term outlook is mixed for the pair. The EUR/USD consolidated its gains at 1.1200 during the European session on Friday. The euro rebounded from the level 1.1200 at the start of the American session. The 50, 100 and 200 EMAs are still neutral. The resistance is seen at 1.1250, the support stands at 1.1100.

MACD remains within the positive territory. RSI is consolidating near the overbought area.

Trading recommendations

A bullish continuation through 1.1250 should lead to a continued growth, with 1.3000 as the first probable target. A move below 1.1200 should send the price towards 1.1150.