Technical Analysis for EUR/USD: September 30, 2016
The EUR decreased its value after Germany’s Unemployment Change report turned out to be far weaker than what traders and investors had expected. Meanwhile, the USD strengthened slightly after hints that the Fed might possibly implement an interest rate hike before the year ends.
The EUR/USD pair meanwhile had its support levels at 1.1200 points and had a lackluster performance during Thursday’s trading session. The currency pair’s price levels remained inactive at the 1.1200 - 1.1230 during the London trading session. The 50, 100, and 200 moving averages remained on neutral territory, with resistance levels at 1.1250 and support levels currently at 1.1200.
The MACD is currently at the center of the range. If the MACD returns to negative territory, then this will signal a strengthening of sellers, while a move into the positive territory is an indicator of a possible takeover of buyers in the financial market. The currency pair’s RSI levels remain at the neutral range.
Should sellers be able to force down pricing levels below the 1.1200 range, then the currency value of the EUR/USD is expected to go up at 1.1150. However, it is also highly possible that this would even go as far as the 1.1250 trading range.
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