EUR/USD finds support at 1.1754

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 43% 43% 0.00%
Shorts 57% 57% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

As it was expected, a release of information on the German Economic Sentiment, which appeared to be even less than analysts anticipated, notably affected valuation of the Euro. Namely, it dragged the currency pair down by 0.34%. And the only obstacle that stopped the fall was the weekly PP located at the 1.1754 level. 

Given that this barrier practically coincides with the bottom edge of a junior ascending channel, the exchange rate should not plunge any further. From technical perspective it is expected to make a rebound and start to move towards the 1.1800 mark. 

However, this scenario might not materialize due to the ECB President Mario Draghi speech that will be delivered at 7:00 GMT and that most likely will cause significant volatility in the markets.

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