Trading news

EUR/USD: general analysis

Current trend 

Last week investors were disappointed by German macro-statistics: the level of retail sales has decreased sharply, amounting to -0.8%. At the same time unemployment rate in EU fell, amounting to 12.1%.  Despite ambiguous fundamental data, which is not favourable for Euro, technical analysis shows that European currency is likely to grow. Euro is going to be under pressure from the decision of the US Fed about QE program. As soon as the program will reduced officially Euro will decline. On Friday 6 December the US unemployment rate will become known, which is the key indicator for making decisions on monetary policy.

Support and resistance

Unified European currency has started this week at the closing level of the previous week. Ascending movement continues with the strong support at the level of 1.3570 (moving average with the period 200). Resistance level is the upper boundary of the trading channel at the level of 1.3620, which the price repeatedly tried to break down.

Trading tips 

In the current situation it is recommended to open long positions from the level of 1.3620 with the target of 1.3730 and stop loss near 1.3590

 

Dmitry Agurbash

Analysts of LiteForex Group of Companies

Monday, 02 Dec, 2013 / 9:57

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

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