USD is being supported by Yellen’s speech regarding the possibility of the Fed rate hike. The support rests at 1.11310 with resistance at 1.11730 which both lines are below the weekly pivot point at 1.12370. The EMA of 10 is moving with bearish bias along the descendant channel and has crossed the EMA of 100. The RSI is moving in oversold area, the Stochastic reached its minimum rate and now is moving upward and the MACD indicator is in negative territory. Short positions are recommended with the target at 1.1130.
EURUSD analysis for 31.08.2016
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