Trading news

EUR/USD: Euro will continue to strengthen

Current trend

The pair EUR/USD is still in the stage of consolidation, as lack of important European macro-economic data as well weakness of the USD does not add dynamics to the pair. Yesterday’s favourable data on German business activity index IFO did not provide support to the pair. EUR/USD is traded in the range of 1.3770-1.3700. German GDP in Q4, which became known today, has confirmed of 0.4%, therefore this fact did not affect the pair. U.S. consumer confidence index will become known today, the forecast for it is negative. Quiet movement of the pair can be interrupted only by European news, which is going to be released on Friday: Retail sales in Germany and consumer price index in EU  

Support and resistance

Technical indicators show that the pair is traded in the ascending channel and in the near future the pair can go down to the bottom limit of the range to support level of 1.3600. In future the pair will continue to grow.

Support levels: 1.3700, 1.3630, 1.3600 and 1.3550.

Resistance levels: 1.3770, 1.3800, 1.3830 and 1.3900. 

Trading tips

It is recommended to place pending long positions from the level of 1.3610 with profit taking of 1.3800. Pending orders to buy above key resistance level of 1.3850, in view of possibility of upward breakdown and further ascending movement

 

Dmitry Likhachev
Analyst of LiteForex Group of Companies

Tuesday, 25 Feb, 2014 / 9:49

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

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