European currency continues to strengthen against the USD

April 30, 2015

Current trend 

European currency continues to strengthen against the USD despite negative news from Greece. The USD is under pressure caused by the outcome of the Fed FOMC meeting. Interest rates have been left at the previous level, as expected. Market participants were disappointed as Fed officials did not give any indications of timing of the increase in interest rates. Amid these facts Euro broke out important resistance level of 1.1000 and reached the level of 1.1230. However, today’s decision of the rating agency Moody's to downgrade rating Greek state bonds to the level of Ñàà2, has reduced trading activity of the buyers of European currency. At the moment, EUR is traded in the range of 11169-1.1189. According to the rating agency the balance between economic and financial risks in Greece is deteriorating, which can put pressure on Euro.

Support and resistance
The nearest resistance level: 1.1230 – 8/8 Murray level
Support level: 1.1169 – 7/8 Murray level

Trading tips
It is recommended to open short positions after breakdown of the level of 1.1150 with protective orders at 1.1180 and the target of 1.1024.

Publication source
LiteForex information  LiteForex reviews

September 30, 2016
The OPEC greases the wheels for oil
The global equities rally led by the gains in the energy sector after the OPEC members cut a deal in Algiers, despite the market scepticism and repeated statements that the Oil officials in Iran and Saudi Arabia are not able to find a middle ground in the current conditions...
September 30, 2016
Opec deal no certainty
In a huge surprise to the market, members of the Opec cartel agreed to cut production by as much as 700,000 barrels a day with some predicting that this may be the start of a new upward trend for oil...
September 30, 2016
Brent futures consolidated their gains
Brent rose in the European session after a surprised OPEC decision to cut oil output. Moreover, a draw in U.S. crude stocks gave an additional support for oil prices...

FIBO Group Rating
HYCM Rating
FBS Rating
HotForex Rating
Grand Capital Rating
OANDA Rating

Anyoption Rating
365BinaryOption Rating
OptionTrade Rating
OptionRally Rating
OptionFair Rating
Banc De Binary Rating