Technical Analysis EUR/USD for 8/11/15

The EUR/USD moved higher as buy stocks were triggered just over the 1.0996 previous high, seen on July 30. The pairing has peaked at 1.1035 but settled back to close the trading session at 1.1016. The rally seemingly prompted by the Fed’s Lockhart, who said there is no “foreordained” rate lift-off date. The dollar overall remains under pressure, continuing its losses from Friday, following the U.S. employment report.

Resistance is seen near a downward sloping trend line that connects the highs in June to the highs in August and comes in at 1.1050.  Support is seen at an upward sloping trend line that connects the lows in April to the lows in July and comes in at 1.8030.  Momentum is moving higher as the MACD (moving average convergence divergence) index generated a buy signal and the RSI moved higher with price action.