EUR/USD stabilising with RSI between 20/30

By | Updated August 01, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3426, up 0.27% on the day, having posted a daily high at 1.3446 and low at 1.3379.

EUR/USD took early advantage of the US jobs data and rallied on the 1.34 handle, but was held up post the very robust ISM manufacturing index. It rose to 57.1 in July from 55.3 in June, which gives us the index at its highest level since April 2011. Eric Theoret, Currency Strategist at Scotiabank explained that the there are indications that hint toward near term stabilization in EUR/USD. “These include, higher EUR lows over the past three sessions providing for the formation of two bullish hammer candles and today’s doji—highlighting uncertainty. Accordingly, the MACD is showing stabilization as the RSI rises from yesterday’s 24 low while remaining in oversold territory between 20 and 30."

EUR/USD Levels

Spot is presently trading at 1.3427, and next resistance can be seen at 1.3433 (Hourly 200 SMA), 1.3434 and 1.3467 (Weekly Classic PP). Support below can be found at 1.3417 (Daily Classic R2), 1.3407 (Hourly 100 SMA), 1.3405 (Hourly 20 EMA), and 1.3401 (Yesterday's High).

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