index of business activity in the manufacturing sector of the euro area came out worse than forecast. Euro ignored the news, as the center of world attention was a referendum in Britain. The general weakness of the US dollar helped the euro rise on Thursday.
The EUR / USD yesterday showed mixed performance, with the main trend has been the growth. Quotations rose during trading in Asia and Europe, but the price has dropped slightly in the US session. The euro / dollar is at the upper limit of the downward channel. Resistance is at 1.1370, support - at 1.1300.
MACD grew up all day yesterday. The indicator is in the positive zone. If the MACD remains in the positive zone, we get a buy signal. Oscillator RSI is close to overbought. If the RSI will be included in the overbought zone, we get a buy signal. If the light bounces down, we will have a sell signal. The moving averages (50, 100, and 200) are parallel to each other, the pair is placed over them.
EUR / USD rate forecast for today
If buying interest continues, the euro will continue to rise. EUR / USD is close to the strong resistance, which can bounce down. If the tool will continue to grow, it will reach the mark 1.1450. Otherwise, the pair will fall to 1.1250.
Source Fort Financial Services