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EUR/USD: analysis and forecast

Current trend

The pair EUR/USD took timid attempts to regain, however after reaching the level of 1.3730 on the daily chart, the pair was stopped by the moving average with the period 100. European currency was under pressure from unimpressive result in the industrial output in Eurozone. In March the index fell by 0.1% while experts predicted the growth of 1%.

The day is going to be eventful today. Block of European and American statistics will be released, including GDP and inflation rate in Europe and inflation rate in the USA. Most of all investors are waiting for the speech of the head of US Fed Janet Yellen, who will announce the volume of reduction of the bond purchase program.

Support and resistance

The nearest support level is yesterday’s highs of 1.7830, which will be followed by 1.3771 (highs of 13, May), 1.3795 (Fibonacci retracement of 38.2%), 1.3833 (Fibonacci retracement of 50%) и 1.3993 (highs of 8 May). Resistance levels: 1.3700 (important psychological level), 1.3672 (lows of 4 April), 1.3641 (lows of 2 February), 1.3620 (moving average with the period 200).

Trading tips

Short positions can be opened after breakdown of the level of 1.3690. Buy orders can be placed at the level of 1.3735.

 

Andrey Cherkas

Analyst of LiteForex Investments Limited

Thursday, 15 May, 2014 / 9:32

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

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