Trading news

EUR/USD: analysis and forecast

Current trend

Yesterday the pair EUR/USD has dropped, reaching the level of 1.3789. Pressure on the pair on Tuesday was triggered by increasing demand on the USD. The American currency was supported by positive data. Inflation rate in March was 0.2%, consumer price index rose by 1.5%. However, bearish movement has been limited  by correction at  Fibonacci line 50.0%.

Support and resistance

Resistance levels are the local highs of 1.3833, 1.3862 and 1.3905. Support levels are 1.3789 (yesterday’s lows), 1.3750 (moving average with the period 55), 1.3707 (moving average with the period 100).

Trading tips

On the daily chart MACD histogram is above zero line but very close to it. Stochastic indicator is rising up, forming a sell signal. In case of breakdown of the level of 1.3833 is, buy orders are recommended with the first target of 1.3862 and next target of 1.3905. Sell orders can be placed below the level of 1.3789 with the target of 1.3750.

 

Andrey Cherkas

Analyst of LiteForex Group of Companies

Wednesday, 16 Apr, 2014 / 8:32

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

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