In connection with the sale of the dollar after the release of a weak report on retail sales in the United States, the European currency has gained new positions. Nevertheless, the growth of the EU currency is limited by weak performance of the euro area, as well as positive reports on applications for benefits in the US unemployment.
Current situation
The couple remained in the middle of the consolidation of the corridor for Thursday. The EUR / USD moved up and down during the trading day. The level of 1.1200 with the 50 EMA and the 100 EMA are the strong support for the tool. Moving averages remain moderately bullish bias on the 4-hour chart. Resistance is at 1.1270, support - at 1.1200.
MACD is at zero level. If the histogram will go into negative territory, it will point to the strengthening position of sellers. If the MACD will return to positive territory, customers can gain control over the market. RSI is neutral.
EUR / USD Forecast
The most likely scenario can be considered as a further decline to the level of 1.1200. After the breakdown of the first target, the price may be heading to a mark 1.1130.
Based on materials from Fort Financial Services
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