Technical Analysis EUR/USD for 9/8/15

EUR/USD has moved up off its lows, after finding support into 1.1100. Gains appear to be stalling into the 1.1200 level however, and the market may have found its trading range. The risk backdrop remains supportive of the dollar however, as do prospects for a Fed rate hike, which remains on the table following Friday’s jobs report.  Support is seen near an upward sloping trend line at 1.1140, while resistance is seen near the 20-day movign average at 1.1225.

Fed’s LMCI rose 2.1 points in August for a 4th straight monthly gain. July’s 1.1 point gain was revised up to 1.8, while June’s 1.4 point increase was nudged to 1.6. There’s no new data in this report that is a compilation of 19 already released indicators, and it underscores the improvement in the labor market.