The EUR/USD pair is trading slightly higher today with
current market price 1.0905. The macro agenda is not offering much, having in
mind that European markets are closed because of the Labor Day, but US released
the Personal Consumption Expenditure Core (YoY)(Mar) numbers and ISM
Manufacturing (APR) data, which do not seem likely to change the negative
sentiment towards the greenback. Yet traders are looking for events of higher
importance to potentially breakout the pair.
Technically, the pair remains in short term uptrend, despite the recent
consolidation mode from the last six sessions of 1.0820 and 1.0950. On the
four-hour time frame indicators has moved higher.RSI and stochastic are located
slightly above their mid-lines and meanwhile the price is gravitating around
the flat 20-day SMA, currently being at 1.0895.
Key resistance is seen at 1.0930 – 1.0950 area and in case bulls succeed to
conquer it, next target is the psychological barrier at 1.1000. Looking to
downwards, major support stands at 1.0855 and next one is located at 1.0820.
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