Trading news

EUR/USD: American dollar puts pressure on Euro

Current trend 

The pair EUR/USD failed to continue ascending movement amid growing interest to the American currency. During yesterday’s European session the “bulls” unsuccessfully tried to overcome the level of 1.3683. In the afternoon the speech by Janet Yellen to has forced Congress quickly adopt the draft enabling to increase the ceiling of the public debt. Another delay of default in America will help strengthen the American currency.

Today, exchange rate of the pair EUR/USD can be affected by the data on European industrial output and a speech of the head of ECB Mario Draghi.

Support and resistance

On the daily chart MACD histogram is in the negative zone; however its volumes are gradually decreasing, giving a buy signal. Stochastic lines have crossed in oversold zone, giving a sell signal. Another factor in favour of the “bearish” trend is yesterday’s daily candlestick forming a pattern “doji”. Resistance levels are the local highs of   1.3683, 1.3716 and 1.3738. Support levels are 1.3628 (yesterday’s lows), 1.3609 (Fibonacci retracement line 38.2%), 1.3559 (Fibonacci retracement line 61.8%)  and 1.3476 (lows of 3 February). 

Trading tips 

It is recommended to open short positions after consolidation of the price below the level of 1.3628 with take profit at the level of 1.3559. 

 

Andrey Cherkas

Analysts of LiteForex Company

Wednesday, 12 Feb, 2014 / 9:20

Source : http://www.liteforex.com/

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