Trading news

EUR/USD: general analysis

Current trend 

Yesterday the pair EUR/USD had reached upper limit of the trading channel at the level of 1.3724, and after that slightly corrected downward. In case the level of 1.3724 is exceeded, the pair will go up to the upper limit of the weekly channel (1.3880). Euro is supported by positive economic news from Germany and France. It became known that due to the increase in German export, GDP has grown by 0.4% for the previous quarter, while the same index in France has grown by 0.3%. French economy is gradually recovering, and according to preliminary forecast, GDP growth this year may amount to 1%. Nevertheless this forecast can be affected by low rate of unemployment. Last month French president proposed to support small business, thus increasing new jobs at the expense of reducing social securities.

Current account balance of EU with the seasonal adjustments will be released today. In case of favourable data, the pair will rise.

Support and resistance

Resistance levels are the upper limits of the trading channel on the four-hour (1.3724) and weekly charts (1.3880). Support level is the moving average with the period 200 (1.3608). 

Trading tips 

It is recommended to open long positions after breakdown of the level of 1.3724 with protective orders at 1.3690 and a target of 1.3820.

 

Dmitry Agurbash

Analysts of LiteForex Group of Companies

Tuesday, 18 Feb, 2014 / 9:38

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

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