Trading news

EUR/USD: review

Current trend

Yesterday, the pair EUR/USD rose above the level of 1.3800; however it failed to consolidate at this level for long. Nevertheless, this fact did not have a chilling effect on the “bulls” and at the moment Euro is trading at the level of 1.3790 against the USD. The main target of the buyers is to exceed the highs of this year at the level of 1.3832, which was broken down in October. If the pair consolidates above this level, it will open the way to the new highs at level of 1.4000.

Support and resistance

Support levels are 1.3740 (yesterday’s lows), 1.3692 (lows of Monday) и 1.3620 (Fibonacci retracement). Resistance levels 1.3810 (yesterday’s highs) and 1.3620 (highs of 2013). 

Trading tips

In the short-term the pair will test the level of 1.3832 and correct downward. It is recommended to place limited sell orders from the level of 1.3825 with protective orders near 1.3835-1.3840 and ptofit taking at the level of 1.3700.

Andrey Cherkas

Analyst of LiteForex Group of Companies

Thursday, 12 Dec, 2013 / 9:18

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

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