Trading news

EUR/USD: Dollar is going to weaken

Current trend

Negative Non-Farm Payrolls have weakened American currency last Friday.  The number of new paid employees was only 74 000 against the forecast of 196 000.  This week the pair EUR/USD has continued to grow and can break through the resistance level of 1.3719 after US Retail Sales release. The indicator is probably going to drop from 0.7% to 0.2%. Regardless of the decrease of goods supplies, the drop of Retail Sales indicates the overstocking. From the other hand Eurozone's manufacturing index has increased by 1.6%, which will probably lead to the strengthening of the Euro.

Support and resistance

The pair is supported by the levels of 1.3548 and 1.3620. The closest resistance is local maximum 1.3719, which lies near middle MA of Bollinger Bands.

Trading tips

It is recommended to open long positions at current price with Stop Loss orders at 1.3620. If the pair continues to grow, stop-loss can be moved to the break-even zone.

 

Kamil Avad

Analyst of LiteForex Group of Companies

Tuesday, 14 Jan, 2014 / 10:41

Source : https://www.liteforex.com/

Trading news

 

Equities back in the meat grinder after big tech earnings

  Stocks continue to melt down as big tech results underwhelm [...]

Posted on Friday, 30 Oct, 2020 / 9:18 under

Fear of national lockdown kept the Pound under pressure – GBP/USD Market Outlook – 30/10/2020

The Cable drops for the third consecutive day towards 1.29 on chatters of UK [...]

Posted on Friday, 30 Oct, 2020 / 9:03 under

OIL weighed down by wave 2 fears and spreading lockdowns – US OIL Market Outlook – 30/10/2020

WTI Crude closed below the 200 period SMA on the daily chart, falling by more [...]

Posted on Friday, 30 Oct, 2020 / 9:01 under