EUR/USD: general analysis for October 21, 2013

October 21, 2013

Current trend 

On Friday European currency reached the highs of 1.3700; at the opening of this trading week Euro has corrected to the level of 1.3671. European currency has chances to hit annual high, if the pair manages to consolidate above the level of 1.3750.

Improvements in the economic situation of peripheral countries of Europe and positive macro-economic statistics from Germany led investors to reconsider their attitude to Euro. Experts believe that increasing yield of Italian bonds reflects investors’ confidence in the country and belief that Italy will be able to pay off its debts. The news, which can affect Euro today-is producer price index in Germany.

Support and resistance

On the four-hour chart the nearest resistance level is 1.3700, which are the highs of last Friday. Support level is 1.3645.

Trading tips 

It is recommended to open long positions from the level of 1.3710 with the target of 1.3780 and protective order around 1.3685. 

Dmitry Agurbash

Analyst of LiteForex Group of Companies

Publication source
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