Trading news

EUR/USD: general analysis

Current trend 

Despite positive statistics on the US labour market last Friday, the pair EUR/USD rose to the level of 1.3706, following slight rollback to the level of 1.3620. Neither the decline in unemployment rate to 7.0%, nor the rise in jobs outside agricultural sector and in consumer sentiment index was able to provide support to the American dollar. Euro completed last week above the level of 1.3700.

Although at the opening trading session of this week the pair continued to grow, it was not able to exceed resistance line of 1.3713. Technical analysis shows that downward correction may reach the level of 38.2% Fibonacci (1.3647). The price had left the channel; however later went back into the channel; there is a candle Doji, indicating further decline in price.

Support and resistance  

Resistance to the further growth will be at the summer highs of 1.3713. Support levels are 1.3674 and 1.3647.

Trading tips

As a trading strategy I would recommend to open short positions with the target of 1.3647. It also makes sense to place limited sell orders at the levels of 1.3713 and 1.3735.

 

Kamil Avad

Analyst of LiteForex Group of Companies

Monday, 09 Dec, 2013 / 9:35

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

Trading news

 

Brexit uncertainty kept the Pound within the same range – GBP/USD Market Outlook – 20/10/2020

Positive Brexit headlines earlier yesterday pushed the pound to the 1.3010/20 [...]

Posted on Tuesday, 20 Oct, 2020 / 8:04 under

DOW fell ahead of stimulus bill deadline – DOW JONES Market Outlook – 20/10/2020

The Dow hit our support target at 28750 only to end yesterday’s session [...]

Posted on Tuesday, 20 Oct, 2020 / 8:03 under

Cautious optimism as US stimulus and Brexit talks hang in the balance

  Pelosi sets new deadline for reaching fiscal stimulus deal; US [...]

Posted on Monday, 19 Oct, 2020 / 12:13 under