Trading news

EUR/USD: general analysis

Current trend

Volatility in the pair EUR/USD was low at yesterday’s trading session. The pair is moving in the narrow channel with the bottom limit of 1.3685 and upper limit of 1.3734. Macro-economic statistics, which can affect exchange rate in the pair EUR/USD, are not scheduled for today. Tomorrow, the minutes of the meeting of the US Fed will be released, which can clarify future policy of the American regulator and provide support to the national currency.

Support and resistance

On the four-hour chart Bollinger bands are almost horizontal, demonstrating low activity in the market. MACD histogram is in the negative zone and its volumes are increasing.

Support levels: 1.3685, 1.3640 and 1.3590.

Resistance levels: 1.3734, 1.3770, 1.3795 and 1.3835.

Trading tips

Sell positions can be opened after breakdown of the level of 1.3685 with the target of 1.3640. Upward movement may be possible when the pair consolidates above the level of 1.3734. In such case next target of the “bulls” will be the levels of 1.3770 and 1.3795.

 

Vadim Smarzh

Analyst of LiteForex Investments Limited

Tuesday, 20 May, 2014 / 8:59

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

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