EUR/USD: euro is going up

November 22, 2013

Current trend

The pair EUR/USD is still regaining its losses after FOMC Minutes publication. Euro is supported by the preliminary data on German business climat index, which has risen up to 52 point in November. The same index of Eurozone has also risen up to 51.5 points. From the other hand, Dollar is supported by the positive statistics of US labour market. Unemployment claims has dropped down to 323 000 despite the forecasts. 

Support and resistance

The pair is testing middle MA of Bollinger Bands at 1.3485. If this level is broken through, the pair will go up to the levels of 1.3525 and 1.3570. Otherwise, the price will drop to 1.3410. On the four-hour chart technical indicators give controversial signals. Bollinger bands are directed downwards. MACD histogram has crossed the signal line from below. Stochastic lines are directed sideways.

Trading tips

Long positions with targets at 1.3570 can be opened if the pair consolidates above 1.3485. Short positions with targets around 1.3410 can be placed at 1.3450.

Dmitriy Zolotov

Analyst of LiteForex Group of Companies

Publication source
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