Trading news

EUR/USD: analysis and forecast

Current trend

Last Friday the EUR/USD pair had failed to consolidate above the level of 1.3750 and at the closing session traded at the level of 1.3740. New trading week the pair started at the level of 1.3735, which coincides with the Fibonacci line 61.8% and is the key level. This week is not going to be eventful in terms of macro-economic statistics; however U.S GDP will become known on Friday. Today’s trading session is likely to be in the narrow range. Technical indicators do not give clear signals’ however the pair EUR/USD is still in the ascending channel, which is going to continue further on. 

Support and resistance

The pair is traded slightly above the level of 1.3735; however it has not yet consolidated above this level. Next support levels: 1.3722, 1.3710, 1.3710 and 1.3685. Resistance levels 1.3750, 1.3765 and 1.3770.

Trading tips

Fluctuation in the pair within ascending channel of1.3720-1.3750 is likely to continue. It makes sense to place limit orders at the limit of this channel. Long positions can be opened above the level of 1.3765. Do not forget about stop-limits.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

Monday, 24 Feb, 2014 / 9:34

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

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