Trading news

EUR/USD: General analysis

Current trend 

Yesterday, European currency has grown up to the highs of March and reached the level of 1.3951 amid the news from France. It was reaction of market participants to the draft of the bill to reduce government expenditures by 50 billion euro. French government is going to reduce budget deficit to 3% of GDP.

Today, German and French statistics on industrial sector will be released. In case of decline in indices, the pair will be under pressure. It is expected that number of industrial orders in Germany will decrease by 0.3% in March.

Levels of support and resistance

Resistance levels today are 1.3951 (yesterday’s highs), 1.4000 (psychologically important level), 1.4100 (psychologically important level).

Support levels: 1.3871 (yesterday’s lows), 1.3810 (moving average with the period of 55 days), 1.3735 (moving average with the period of 100 days), 1.3672 (lows of April,4).

Trading tips 

It is recommended to open long positions after breakdown of the level of 1.3951 with stop-loss of 1.3920 and a target of 1.4000. Short positions are advisable after breakdown of the level of 1.3871 with the target of 1.3810.

 

Andrey Cherkas

Analyst of LiteForex Investments Limited

Wednesday, 07 May, 2014 / 10:13

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

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