Technical Analysis EUR/USD for 8/14/15

The EUR/USD experienced an inside day on Thursday as indecision took hold following European and U.S. data.  The ECB minutes were released and showed that the central bank was disappointed with current economic growth.  The 0.8% June U.S. business inventory rise beat estimates and sharply exceeded the 0.4% increase assumed by the BEA in constructing the last Q2 GDP estimate, giving a massive boost in the 2.3% Q2 advance GDP figure to 3.5%.

The exchange rate remained above the downward sloping trend line that connects the highs in June to the highs in July.  Support on the current pair is seen near the 10-day moving average at 1.0997.  Momentum remains positive as the MACD (moving average convergence divergence) index recently generated a buy signal.