EUR/USD (a 4-hour chart)
The euro did not change its positions after Consumer Confidence report in the Eurozone. At the same time the ECB will not rush with the further monetary policy easing. The regulator wants to see any proof that the Eurozone economy slows down before it takes any action.
The euro continued climbing upwards step by step. The instrument remained in a downside channel on the 4 hour chart; the euro grew to its upper boundary. The pair was able to recover by 0.47% and set a new local high at 1.1130. The resistance stands at 1.1130, the support lies in at 1.1000.
MACD remained in the negative area, its histogram grew. The indicator will give buy signals while its histogram grows. RSI is in the neutral area; its growth from the oversold area is a buy signal. The price is below the Moving Averages (50, 100 and 200) which are moving downwards, that is a sell signal. The 200-day moving average is a strong resistance for the euro which it touched yesterday. The EUR/USD is trying to return into the upward channel on the daily chart.
The pair may continue its growth if the euro breaks the level of 1.1130 where the 200-SMA lies. Once we break above the 1.1130 mark, we think that the 1.1200 level will be next.