Trading news

EUR/USD: general analysis

Yesterday Unified European currency traded in the narrow channel in the range of 60-70 points. Investors’ attention was focused on consumer price index of Eurozone, which was below expectations remaining at the previous level. According to many experts Europe is moving towards deflation, since the driving force of EU-Germany has slowed down. Inflation amounts to 1.3%, which is 2% below the target level of 2%, despite increasing consumer demand. 

Support and resistance

The nearest resistance level is 1.3649 (moving average with the period 21), next resistance level is the local highs of 1.3681. Support levels are at the levels of 1.3582 (yesterday’s lows), 1.3545 (moving average with the period 100) and 1.3520 (Fibonacci retracement line 61.8%).

Trading tips 

It is recommended to open long positions after breakdown of the level of 1.3620 with stop-loss at 1.3600 and a target of 1.3681.

 

Andrey Cherkas

Analyst of LiteForex Group of Companies

Friday, 17 Jan, 2014 / 9:38

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

Trading news

 

USD/JPY Breaks Through Key Resistance To 7-Month Highs

Mystery virus poses a threat to the Chinese economy and the Phase One trade [...]

Posted on Wednesday, 22 Jan, 2020 / 12:35 under

Don’t fear the virus; BoC rate decision in sight

  BoC to stay on hold, but any hints of concern might elicit sharp [...]

Posted on Wednesday, 22 Jan, 2020 / 9:46 under

Pound Gains on Jobs Data, Awaits PMIs; BoC Decision in the Spotlight

Asian equities rebounded today after China’s National Health Commission [...]

Posted on Wednesday, 22 Jan, 2020 / 8:36 under