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EURUSD: Review and forecast

Current trend

Unified European currency continues to strengthen beating new price records following the statement of Finance Minister of Germany Wolfgang Schaeuble who said that according to German monetary authorities, interest rate in Eurozone are quite low. His words gave hope to investors that the rates may be raised.

Another fact that supports Euro was statement of member countries of G7 about Crimea, which said that in case of “annexation” of the Crimean peninsula, Russia will face serious consequences. This statement was welcomed by market participants as investors suppose that possible sanctions might stop the process of detaching Crimea and further escalation of armed confrontation.

Levels of support and resistance

Resistance levels: 1.3960 (option barrier), 1.4000 (important psychological level), 1.4040 (orders to sell of a medium-size).

Support levels: 1.3915 (yesterday’ highs), 1.3842 (yesterday’s lows), 1.3773 (level of moderate demand).

On the daily chart MACD histogram is in the positive zone. Its volumes are increasing. Stochastic lines are in the overbought zone but directed upwards.

Trading tips

Based on the signals of the indicators and market conditions it is expected that the pair will continue to grow. It makes sense to buy from the level of 1.3960. The first target will be at the level of 1.4000, next level of profit taking is 1.4040. 

 

Andrey Cherkas

Analyst of LiteForex Group of Companies

Thursday, 13 Mar, 2014 / 10:05

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

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