Technical Analysis EUR/USD for 8/7/15

The EUR/USD rebounded from session lows following the Atlanta Fed’s report that GDP. The exchange rate was buoyed by the jump in Eurozone retail PMIs in July. The German reading moved to 57.7 from 54.0. The overall Eurozone reading improved to 54.2 from 50.4.Atlanta Fed’s U.S. GDPNow Q3 forecast dipped to 1.0% as inventory adjustments are likely to slash growth again compared to 2.3% in Q2, according to this latest update from the Atlanta Fed.  Friday’s employment report will be the catalyst that determined the next direction for the EUR/USD.

The exchange rate was unable to move above the 10-day EMA at 1.0968.  Additional resistance is seen near a downward sloping trend line at 1.1050.  Momentum is flat with the MACD (moving average convergence divergence) index printing near the zero index level.