Open trading account 
The EUR/USD pair closed the week in the red, although within its monthly range, still unable to set a clear directional trend. Over the past few weeks, risk sentiment and uncertainty over upcoming economic policies in both regions, has left investors between a rock and a hard place, and price's action is a clear reflection of it. FED's Yellen said last Thursday that a rate hike is still in the table for this 2015, and the latest US Q2 GDP revision resulted at 3.9%, above the previous 3.7%. But that is not enough to counteract EUR's demand as funding currency when risk aversion hits, something that has been going on already for over a month, with stocks plummeting worldwide.
During the upcoming days, market's attention will focus in the EU inflation and the US employment report, both expected to offer some clues on the health of these economies. However, risk-related sentiment will also have its saying on the forex board.
From a technical point of view, the pair has shown little progress these last few days, once again, stuck around the 1.1200 level. The daily chart shows that the price has been hovering around horizontal moving averages, with the 20 SMA now around 1.1245. In the same chart, the Momentum indicator is flat around 100 whilst the RSI is also flat right below its 50 level, in line with a neutral stance. Shorter term, the 4 hours chart shows that the price has managed to advance a few pips above its 20 SMA, whilst the technical indicators are bouncing from their mid-lines, with no actual momentum. The base of the range has been set at 1.1080, which means additional declines below it, are required to confirm a bearish continuation, while bulls may get encouraged only with an upward acceleration beyond 1.1335.
Support levels: 1.1160 1.1120 1.1080
Resistance levels: 1.1245 1.1290 1.1335
Reported by One Financial Markets Co.
During the upcoming days, market's attention will focus in the EU inflation and the US employment report, both expected to offer some clues on the health of these economies. However, risk-related sentiment will also have its saying on the forex board.
From a technical point of view, the pair has shown little progress these last few days, once again, stuck around the 1.1200 level. The daily chart shows that the price has been hovering around horizontal moving averages, with the 20 SMA now around 1.1245. In the same chart, the Momentum indicator is flat around 100 whilst the RSI is also flat right below its 50 level, in line with a neutral stance. Shorter term, the 4 hours chart shows that the price has managed to advance a few pips above its 20 SMA, whilst the technical indicators are bouncing from their mid-lines, with no actual momentum. The base of the range has been set at 1.1080, which means additional declines below it, are required to confirm a bearish continuation, while bulls may get encouraged only with an upward acceleration beyond 1.1335.
Support levels: 1.1160 1.1120 1.1080
Resistance levels: 1.1245 1.1290 1.1335
Reported by One Financial Markets Co.
