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EUR/USD: analysis and forecast

Current trend

Last week the pair EUR/USD was losing positions. At the beginning of last week Euro traded above the level of 1.3900 but then fell to the lows of 1.3750. This week market was shaken by the EU news: business activity index in France was above positive forecast; however the same index in Germany significantly fell. Today’s speech by Mario Draghi will be of importance and in case he makes sharp comments, European currency will weaken. The US housing market data will be also become known; forecasts for this news is negative.

Supportandresistance

At the moment the pair is trading below the level of 1.3830. The pair is also prepared to test support level of 1.3815. Nest support levels will be 1.3800, 1.3780, 1.3770 and 1.3765. Resistance levels are 1.3850, 1.3875 and 1.3915.

Trading tips

Market is going to be volatile today. Future trend will depend on positions, which will express Mario Draghi. Short positions are recommended below the level of 1.3800 with the target of 1.3750. Limit buy orders can be placed at the same level.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

Wednesday, 26 Mar, 2014 / 7:30

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

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