Technical Analysis EUR/USD for 7/30/15
The EUR/USD lost ground following the FOMC meeting that really did not give many clues to when the Fed will pull the trigger on higher interest rates. The Fed discussed solid job growth, but inflation remains below the Fed’s target level. The next meeting is in 6-weeks in September and it is clear that the Fed will not hint at their intentions.
The exchange rate was unable to hold above trend line support, which signified a break out that did not appear. Support is just below at the 10-day moving average at 1.0950, and then the lows in July if that level does not hold at 1.0806. Resistance on the currency pair is seen near Monday’s highs at 1.1128.
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Momentum remains positive with the MACD (moving average convergence divergence) printing in positive territory with an upward sloping trajectory following the recent buy signal which points to higher prices.