FxWirePro: EUR/USD retreats slightly but trend is still bullish

• EUR/USD eased slightly on Monday but downside was limited   as investors awaited a series of crucial economic data scheduled for release throughout the week.

• This week will see the release of Eurozone industrial and economic sentiment data, Spanish flash consumer prices, German retail sales, and preliminary consumer prices reports. 

• The ECB will meet on September 12 to make a decision on borrowing costs, with markets expecting a 25-basis-point cut to be announced.

• Technical signals are  strongly bullish as RSI is   at 70, daily momentum studies  5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.1206( 23.6%fib), any close above will push the pair towards 1.1256( Higher BB).

• Strong support is seen at 1.1149(Daily low) and break below could take the pair towards 1.1000 (38.2%fib).

  Recommendation: Good to buy around 1.1160, with stop loss of 1.1100 and target price of 1.1260