EUR / USD Technical Analysis | DailyForex


The EUR / USD pair will remain in a limited range until the ECB's monetary policy decisions are announced. The pair rose during the past week and tested resistance at 1.1085 before closing the week around the 1.1024 level, following comments from Federal Reserve Governor Jerome Powell. Powell said at a forum in Zurich, Switzerland, that the central bank has helped maintain the US economy. on firm ground amid the uncertainty caused by Trump's trade war with China.
Powell added that despite the uncertainty caused by the trade war, the Federal Reserve does not currently expect a recession, noting that the labor market and consumer spending remain strong. He also reiterated that the Federal Reserve "would act as necessary" to maintain economic growth in the United States.
Previously, data from the US Department of Labor they showed that nonfarm payrolls increased 130,000 in August, after having increased 159,000 in July. Economists expected employment to increase by 158,000 jobs, compared to 164,000 originally announced last month.

The Labor Department also said that the unemployment rate remained stable at 3.7% in August, unchanged from July and in line with economists' estimates.
EUR / USD Technical Analysis
According to the technical analysis of the pair: The EUR / USD will remain in the 1.1000 zone until the announcement of monetary policy decisions of the European Central Bank. In the 4-hour and hourly chart, the slow stochastic shows bearish signals and in the daily chart the RSI supports a bearish movement. Completing a higher movement could test the resistance levels of 1.1100, 1.1175 and 1.1260 respectively.
On the front of today's economic data: There are no significant economic publications in the United States today. The euro will react to the publication of the trade balance of the Eurozone and the Sentix Investor Confidence Index.

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