EUR/USD was quite hesitant yesterday. The macro
agenda had nothing to offer in Europe,
so the focus was on the US data release. The Empire State Manufacturing Index disappointed with weaker
than expected numbers – 4.21 points in August, comparing with the expected 1.99
points.
The single currency took the advantage of the US dollar weakness and was trading
slightly higher, moving towards the two week high, marked on August 12 at
$1.224. Anyway coudn’t reach it. The session opened at $1.1167 and closed only
15 pips higher.
Currently the bias remains neutral but with more likely bearish
scenario. The intraday support is located at $1.1135, matching with the 55-day
EMA. A clear break below that area could trigger further pressure over
bears to test $1.1050. On the upside,
the trend line resistance and $1.1250 remain key resistance levels.
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