EUR/USD: general analysis for December 09, 2013

December 9, 2013

Current trend

Despite positive statistics on the US labour market last Friday, the pair EUR/USD rose to the level of 1.3706, following slight rollback to the level of 1.3620. Neither the decline in unemployment rate to 7.0%, nor the rise in jobs outside agricultural sector and in consumer sentiment index was able to provide support to the American dollar. Euro completed last week above the level of 1.3700.

Although at the opening trading session of this week the pair continued to grow, it was not able to exceed resistance line of 1.3713. Technical analysis shows that downward correction may reach the level of 38.2% Fibonacci (1.3647). The price had left the channel; however later went back into the channel; there is a candle Doji, indicating further decline in price.

Support and resistance  

Resistance to the further growth will be at the summer highs of 1.3713. Support levels are 1.3674 and 1.3647.

Trading tips

As a trading strategy I would recommend to open short positions with the target of 1.3647. It also makes sense to place limited sell orders at the levels of 1.3713 and 1.3735.

Kamil Avad

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

January 23, 2017
Can Supreme Court Ruling Help GBPUSD Remain Bullish ?
Tomorrow, Tuesday 24 January, around 09:30 GMT, the UK Supreme Court will release the Brexit lawsuit Ruling, on whether the UK Prime Minister Theresa May will need the UK parliament’s approval to invoke Article 50 of the Lisbon Treaty, to leave the EU...
January 20, 2017
Cautious EURUSD Ahead of ECB Press Conference
USD, and the US government bond yields, surged last night following Fed president Janet Yellen’s speech to the Commonwealth Club in San Francisco...
January 19, 2017
Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...

Orbex Rating
XM Rating
Larson&Holz IT Ltd Rating
HotForex Rating
Vantage FX Rating
OctaFX Rating

Empire Option Rating
Beeoptions Rating
TopOption Rating
First Binary Option Service Rating
99Binary Rating
OptionFair Rating