Trading news

EUR/USD: General analysis

Current trend 

Unified European currency continues to trade in the narrow trading channel of 60-70 points. The nearest important support level is at the level of 1.3693. Whether the pair manages to overcome this level or not will depend on macro-economic news, which will be released on Friday. The most important news will be the data on number of jobes  outside agricultural sector and unemployment rate. According to preliminary data the first index may reach 150 thousand, while the latte one will remain unchanged.

European economic statistics encourages the rise in Euro. In Germany, the largest economics of EU, number of industrial orders has increased, which is an indicator of the rise of business activity in the country. On annual basis this index rose by 6%. Experts believe that volume of industrial orders has grown due to high demand of the countries outside EU.

Levels of support and resistance

The nearest resistance level is 1.3825, which is the upper limit of the trading channel.

Support level is 1.3693, which is the bottom limit of the trading channel..

Trading tips 

It is advisable to open short positions after breakdown of the level of 1.3693 with stop-loss at 1.3720 and a target of 1.3630

 

Dmitry Agurbash

Analysts of LiteForex Group of Companies

Thursday, 06 Mar, 2014 / 9:51

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

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