TD Securities - "The charts are not providing a lot of clarity on the outlook for EUR/USD in our opinion. On the one hand, the EUR looks well-supported above all the major medium and long-term MA signals. But the market has not made any clear ground through the June high of 1.3412 (key resistance) and the market still rather looks to be at or near the upper end of a broader, sideway range. Daily momentum looks positive but trend momentum signals are not aligned across multiple timeframes at this point. Moreover, there is an obvious divergence between spot (higher highs through August) and the daily slow stochastic measure (lower highs). This divergence usually signals that price is vulnerable to a correction (lower, in this case). Weakness below 1.3325 support early next week may trigger that correction.
The weekly chart provides little more clarity. The July/August rebound in the EUR has slowed but a weekly close above (weak) trend resistance (1.3317) is likely. At the same time, however, the 200-week MA (1.3386) continues to serve as a block on gains. On the face of it, the charts suggest that there are slightly greater upside risks for the EUR near-term but our conviction regarding the bull view is low. We rather think the market is range bound."