Trading news

EUR/USD: analysis and forecast

Current trend

Last Friday, following the release of unemployment rate in Eurozone, demand for European currency sharply went up and the pair EUR/USD rose to the level of 1.3815. However, new trading week started with the gap down, the decline continued and by the end of Monday the pair reached the level of 1.3730. European markets are under pressure from the conflict in Ukraine.

Some important economic data is scheduled for release this week, including GDP of EU, which will be known tomorrow; however the most interesting news will be the data on US labor market. NFPR forecast is quite reassuring especially taking into account that previous index was negative.

Support and resistance

The main support level is 1.3735, which coincides with 61.8% Fibonacci and prevents the pair from going down. Next support levels: .3720, 1.3700 and 1.3685. Resistance levels: 1.3765, 1.3770, 13780 and 1.3800.

Trading tips

Pressure on the pair will continue. However, a lot will depend on whether the pair will be able to overcome the level of 1.3722 or not. Short positions can be opened below this level with the target of 1.3645. Limit sell orders can be placed at the level of 1.3800.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

Tuesday, 04 Mar, 2014 / 9:21

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

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