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EUR/USD: flat dynamics in anticipation of new drivers for OANDA:EURUSD by KirkBarton

Current trend

EUR shows flat dynamics of trading against USD during today’s Asian session, holding near 1.1870.

Market activity remains rather low as investors expect new drivers to emerge, such as the US labor market report for July on Friday. Today, investors will pay attention to the publication of statistics on retail sales in the euro area for June, as well as July data on business activity.

Macroeconomic statistics released yesterday from Europe and the US only slightly affected the dynamics of the instrument. Producer Price Index in the eurozone in June accelerated from +1.3% MoM to +1.4% MoM, which fully coincided with market expectations. In annual terms, the PPI accelerated by 10.2% YoY after increasing by 9.6% YoY in May.

Support and resistance

Bollinger Bands in D1 chart show moderate growth. The price range expands from above, freeing a path to new local highs for the “bulls”. MACD histogram preserves the uptrend and a previous buy signal (located above the signal line). Stochastic , having retreated from its highs, maintains a downtrend, signaling in favor of the development of corrective trend in the ultra-short term.

To open new trading positions, it is necessary to wait for the signals from technical indicators to be clarified.

Resistance levels: 1.1900, 1.1950, 1.2000.

Support levels: 1.1849, 1.1800, 1.1751, 1.1700.

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