The pair paused the four-day fall; manage to hold the support zone 20Dma&100dEma . Euro area annual inflation is expected to be 0.2% in August 2015, stable compared to July 2015, according to a flash estimate from Eurostat, the statistical office of the European Union.
The Chicago Business Barometer held on to most of July’s gain, falling just a fraction to 54.4 in August from 54.7 in July.
Just Chinese Manufacturing August PMI down to 49.7, lowest in 3 years. The growth concern revisits the markets again, bullish for the euro. Until the fear remains in the system the euro favors buying on dips.
Weekly forecast: The 20Wsma finds at 1.1120 and 50Dsma finds at 1.1080. The bulls last hope remains at 1.1060 and 1.1010 rounded to 1.1000 August 18&19th lows.
The 200Dsma seems at 1.1300 and 1.1440. The 50Wsma seems at 1.1520.
NUTSHELL: The weekly trading zone remains between 1.1000 and 1.1520.
Intraday: The hourly oscillators indicating oversold zones, developing mild positive divergence. The pair has been developing lower lows and lower highs in the h1 chart. The bargain hunting remains in play until the pair close above August 18th low.
Resistance seems 1.1290, 1.1310 and 1.1360. Support finds at 1.1220, 1.1180 and1.1145.
Trade: Selling opens below 1.1140 targets opens towards 1.1120, 1.1100 and 1.1080. In the lease case 1.1050 possible.
The buying strength looms above 1.1310 towards 1.1360 bulls back on the track above 1.1370. Today the pair might hit 1.1285 and 1.1300.
Weekly trade pattern favors buying on dips sl 1.1050 risk traders can use 1.1000.