Currency Analyst since 2010

EUR/USD is moving sideways

EUR/USD is consolidating above $1.3500 trading within an uptrend since July. Resistance is at $1.3548, $1.3585, $1.3600 and $1.3635. Support is at $1.3500, $3450 and $1.3414/00. Last week the pair opened with a gap up above the 200-week MA ($1.3350) and gained about 165 pips. This week there was also a small 12-pip gap up.

German election has passed. Angela Merkel got solid support from the voters, but her bloc doesn’t have the majority of seats in the Bundestag, so she’ll be negotiating to form a coalition. In the European agenda today we gave PMIs for September (07-08:00 GMT). Analysts are expecting small increases in data.

Chart. H1 EUR/USD

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