Current trend
Yesterday the US Dollar moderately strengthened against the Euro amid positive data on the US property market. In July, New Home Sales grew from 582 to 654 thousands while economists predicted a fall to 580 thousands. In addition, the pair is pressured by expectations of Fed Chair Janet Yellen speech on monetary policy, which is due this Friday.
Today attention needs to be paid to the Housing Price Index in the US. An expected increase in the index will support the Dollar.
Support and resistance
On the 4-hour chart, the pair is testing a support level at the level of 1.1275.
Bollinger Bands is directed down while the price range is widening. MACD histogram is in the positive zone and its volumes are falling. Stochastic has entered the oversold zone.
The indicators recommend short positions.
Support levels: 1.1265, 1.1237, 1.1222, 1.1198, 1.1170.
Resistance levels: 1.1275, 1.1296, 1.1312, 1.1326, 1.1344, 1.1356.
Trading tips
Short positions can be opened from current prices with the target at 1.1195 and stop-loss at 1.1320. Validity – 1-3 days.
Long positions can be opened from the level of 1.1325 with the target at 1.1360 and stop-loss at 1.1300. Validity – 1-3 days.
Yesterday the US Dollar moderately strengthened against the Euro amid positive data on the US property market. In July, New Home Sales grew from 582 to 654 thousands while economists predicted a fall to 580 thousands. In addition, the pair is pressured by expectations of Fed Chair Janet Yellen speech on monetary policy, which is due this Friday.
Today attention needs to be paid to the Housing Price Index in the US. An expected increase in the index will support the Dollar.
Support and resistance
On the 4-hour chart, the pair is testing a support level at the level of 1.1275.
Bollinger Bands is directed down while the price range is widening. MACD histogram is in the positive zone and its volumes are falling. Stochastic has entered the oversold zone.
The indicators recommend short positions.
Support levels: 1.1265, 1.1237, 1.1222, 1.1198, 1.1170.
Resistance levels: 1.1275, 1.1296, 1.1312, 1.1326, 1.1344, 1.1356.
Trading tips
Short positions can be opened from current prices with the target at 1.1195 and stop-loss at 1.1320. Validity – 1-3 days.
Long positions can be opened from the level of 1.1325 with the target at 1.1360 and stop-loss at 1.1300. Validity – 1-3 days.