Macroeconomic statistics, released today in Germany, managed to support the European currency, and, as a result, the EUR/USD pair has strengthened slightly.
Due to expectations of a hike in the US interest rates at the upcoming Fed meeting and weakness of the European currency, the ECB may take less aggressive measures to stimulate the economy of the eurozone.
Today, attention needs to be paid to a block of news releases from the US and to IFO Expectations and IFO Current Assessment statistics, due in Germany. In case of negative US indicators, the EUR/USD pair may start correcting up; otherwise, the US dollar would strengthen.
On the 4-hour chart, OsMA and Stochastic are turning to long positions, indicating a possibility of an upward correction to the resistance levels of 1.0690 (EMA50), 1.0760 (the upper border of the downward channel), 1.0840 (EMA144), 1.0900 (EMA200 on the 4-hour chart). On the daily chart, the indicators are not giving clear trading signals.
Support levels: 1.0600, 1.0580, 1.0500.
Resistance levels: 1.0690, 1.0760, 1.0800, 1.0840, 1.0900.