Maradok 
Kereskedési feltételek
Products
Eszkozok
Yesterday, the dollar was stable amid mixed economic reports and statements of the central bank officials. On the one hand, the eurozone industrial production data, the rate of decline of which slowed down from -3.1% to -2.9%, should have lifted the dollar. After all, despite the slowdown, it was expected to rise from -3.0% to -2.0%. But this was offset by Federal Reserve Chief Jerome Powell's statement that the inflationary dynamics in the United States indicates a slowdown in consumer price growth to the target level of 2.0%. In other words, the head of the Fed almost directly stated that the rate cut is coming into view. And naturally, this weighs on the dollar.
Today, the market can focus on the U.S. retail sales report, the growth rate of which should slow down from 2.3% to 2.1%. So the dollar is likely to weaken somewhat. Unless, of course, there are some new inputs that can influence the market.
During the upward cycle, locally EUR/USD found itself at the values of the beginning of spring, which indicates the prevailing interest in long positions.
On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which suggests that the euro may rise further.
On the same chart, the Alligator's MAs are headed upwards, which reflects the quote's movement.
Keeping the price above the level of 1.0900 may lead to an increase in the volume of long positions. In this scenario, the euro could move towards the resistance level of 1.1000. Otherwise, the area of 1.0900 will act as resistance, which will lead to a temporary stagnation or a pullback.
The complex indicator analysis unveiled that in the short-term and intraday periods, indicators are providing an upward signal.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
