EUR/USD: general review on 03.07.2015

July 3, 2015

Current trend

On Thursday, the Euro grew by 30 points against the USD amid poor economic data from the US. Non-farm Payrolls amounted to 223 K of new jobs, which is 7 K below what was expected. The unemployment level fell by 0.2% to 5.3%, however, labor participation rate was only 62.2%, which is the worst figure since 1977.

It is an official holiday in the US today. Major economic releases for today include Markit Services PMI for France (at 10:50 am GMT +3), Germany (at 10:55 am GMT +3) and Eurozone (at 11:00 am GMT +3), as well as the Retail Sales data for Eurozone (at 12:00 pm GMT +3). Markets expect positive data and that should strengthen the Euro. The pair remains moderately volatile.

Support and resistance

On the 4-hour chart, MA20 and MA50 remain above the current price and directed downward, which indicates downward trend.

The support level is at 1.0954 (this week low). The nearest resistance level is at 1.1117 (EMA20).

Support levels: 1.0954.

Resistance levels: 1.1117, 1.1157, 1.1235.

Trading tips

Open short positions from 1.1050 with the target at 1.0950 and stop-loss at 1.1100.

Long positons can be opened after the price consolidation above 1.1117 with the target at 1.1157 and stop-loss at 1.1100.

Publication source
LiteForex information  LiteForex reviews

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