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EUR/USD: US statistics will determine movement direction

Current trend

Last night the USD slightly rose because of the release of the minutes of the last meeting on the US Fed. The pair EUR/USD reached the level of 1.3720 but failed to break it down. According to the minutes, members of the Open Market Committee said that asset repurchase program will be phased out at the same rate as before, if economic recovery does not start to slow down.

However, fundamental data is not encouraging and investors remain cautious in their assessment of termination of easing programs. U.S. consumer price index, which will be released today, will determine further movement direction in the pair.

Support and resistance

Breakdown of support level of 1.3700 will open the way to the levels: 1.3685, 1.3660 and 1.3645. Resistance levels: 1.3735 (61.8% Fibonacci), 1.3750 and 13765.

Trading tips

In case of positive US statistics the pair will continue to go down. Short positions are recommended below the level of 1.3700.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

Thursday, 20 Feb, 2014 / 10:30

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

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