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Technical Analysis
Daily Market Analysis from ForexMart
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[QUOTE="Andrea ForexMart, post: 110672, member: 36651"] [B][SIZE=5]Technical Analysis for EUR/USD: September 29, 2016[/SIZE][/B] The EUR/USD pair had an ambiguous stance during Wednesday’s trading session as investors and traders are waiting for statements coming from the European Central Bank and and the Federal Reserve. However, none of the two central banks are expected to release new modifications, which leaves the EUR/USD pair at a lower value than the previous trading sessions. Fed Chair Janet Yellen has already stated that there is no definite period as to when the Federal Reserve would be increasing its interest rates. On the other hand, ECB Chair Mario Draghi has stated that the central bank’s negative rates are not the ones to be blamed for problems in the European banking sector. The Durable Goods Orders data came out without much activity, even falling below the expected data release in August. The DGO report has also showed that capital equipment shipments had already decreased in value four months in a row, and investors are expecting that this will lead to a drop in Q3 GDP rates. In general, the EUR/USD pair has been struggling to make progress during this week. The pair’s 4-hour chart indicates that its value has been unable to go above its moving averages. Momentum levels are expected to go south and below the 100 level. Meanwhile, RSI indicators are in the 47-point range and is leaning towards the negative. Selling interest are now below 1.1190 and this could make the currency pair go even lower at 1.1120 during the next trading sessions. [ATTACH=full]8106[/ATTACH] [/QUOTE]
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