On Friday the speech of the US central bank George. Yellen. The dollar rose after comments from Fed chairman when Yellen hinted about a possible raising rates in the near future. Growth rates will be possible in the event of further economic growth. Today, the calendar is empty and the market will continue to fulfill newsflow Friday.
pair corrected the past week. The pair was able to reach the level of 1.1200, but then failed to pass. After a brief consolidation in the circular level 1.1200 decline has resumed. The pair established a new two-month low.Currently, support is at 1.1070, resistance at 1.1130.
On the daily time frame the pair is testing the strength of the 200th removals. On the four hour chart MACD indicator continues to decline, the histogram indicator above the signal line. MACD gives a sell signal. RSI Oscillator is very close to the overbought zone, suggesting a sell signal.
Forecast EUR / USD
Following statements by George. Yellen dollar received strength for growth. Is expected to continue its growth in the first half of the week. The first objective of reducing the level of 1.1070, below 1.1000. On the 4-hour time frame the pair is oversold, we do not exclude the correction to 1.1200, and then decline resumes.
Source Fort Financial Services