EUR/USD reached today fresh weekly low
and dropped to 1.1925 but currently is back around 1.1960 area, mostly because
the greenback’s demand is fading away. The macroeconomic calendar has not much
to offer today with no news from Europe and from the other coast insignificant
release on NFIB Business optimism index for August.
Tomorrow promises to be more intriguing, having German inflation and US PPI.
Technically speaking EUR/USD landed lower, but the question is whether this is it
temporary. On the four hour time-frame the price is moving well below its
20-day SMA, which has turned to north, while the 100-day and 200-day SMAs are
staying flat. RSI and stochastic had recovered from the negative area, but yet
remain below their mid- lines. Also RSI has lost directional strength and
stochastic is displaying strong bullish momentum.
The risk to the downside could be avoided only if the pair holds firmly above
1.1910.
Looking to the upside, first resistance is seen at 1.2030 and bulls are not
seen back in game until reaching again this level.
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