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EUR/USD: bulls have eyes on 1.1335 - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analysts at FXStreet explained that a dull Monday ended with the safe-haven currencies generally higher and the dollar mixed across the board, with the EUR/USD advancing up to 1.1247 in the American afternoon, and having spent the rest of the day consolidating nearby.

Key Quotes:

"Financial markets were all about sentiment this Monday, with increasing fear of Chinese economic slowdown spreading worldwide leading the way.

Data coming from the US was soft, as the PCE figures for August showed that personal income shrank to 0.3%, while spending rose to 0.4%. Monthly basis, the PCE price index came out at 0.0%, but advanced to 1.3% from previous 1.2% yearly basis. Pending home sales retreated in the same month, down 1.4% against expectations of a 0.5% advance. FED's officers fueled uncertainty, with Dudley stating that he expects the FED to hike later this year, but saying that will depend on upcoming data. Chicago FED's Evans on the other hand, resulted quite dovish, saying that he prefers a later lift-off to avoid the risk of lowering inflation."

"Technically, the short term picture for the EUR/USD pair has turned slightly positive, although the pair stalled its intraday advance around a key static resistance level. But the 1 hour chart shows that the price is hovering around its 200 SMA after accelerating above the 100 and 20 SMAs, whilst the Momentum indicator heads slightly higher above the 100 level and the RSI indicator advances slowly around 64."

"In the 4 hours chart the price advanced above its 20 SMA, now offering an intraday support around 1.1200, whilst the RSI indicator turned north and advanced beyond 50 supporting additional advances towards the 1.1335 region for this Tuesday, on renewed demand beyond the mentioned daily high."

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