EUR/USD: general analysis for December 10, 2013

December 9, 2013

Current trend 

Unified European currency continues to trade upward. It is obvious that Euro is supported by the decision of the European Central Bank not to change monetary policy this year and leave interest rate at the previous level. However, favourable statistics on the US labour market can undermine positions of the pair EUR/USD. Last week’s unemployment rate in the USA significantly dropped and number of new jobs outside agricultural sector reached 208 thousand against the forecast of 180 thousand. US economy is steadily gaining momentum. At the same time manufacturing orders in Germany fell by 2.2% and experts believe that the decline is associated with the reduction of orders for capital goods.

This week, major economic data will come from the USA: on Friday, country’s budget for 2014 will be adopted. According to preliminary estimates, adoption will not be delayed, since main parties of the country have come to coordinated decision about social programs.

Support and resistance

The nearest resistance level is the upper limit of the ascending channel at the level of 1.3750. Support level is 1.3675

Trading tips

It is recommended to open long positions after breakdown of resistance level of 1.3750 with stop-loss near 1.3725 and a target of 1.3800.

Dmitry Agurbash

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

September 29, 2016
Will Brexit be more painful for Europe rather than for the UK?
The risk is increasing on the market ahead OPEC meeting in Algiers and Yellen testimonial, which will happen before the House panel. FED-fueled rally on gold starts to fizzle out as the December futures keep on a losing streak for a second day, finally dipping by 0.12% to 1,328.75...
September 28, 2016
US presidential debate moves unwind
The market’s initial response to the US presidential election debate overnight was a clear sigh of relief. The Mexican Peso, which had hit a record low against the dollar just the day before, surged higher, as too did the Canadian dollar...
September 27, 2016
Markets start last week of September on the back foot
It hasn't been a great start for global equities in this last week of September, with European indices dropping between 1.0 to 1.5 per cent during Monday’s morning session, mirroring a similar performance in Chinese and Japanese markets overnight...

Larson&Holz IT Ltd Rating
FOREX.com Rating
OANDA Rating
Fort Financial Services Rating
FIBO Group Rating
FxPro Rating

OptionTrade Rating
EZTrader Rating
Grand Option Rating
TropicalTrade Rating
Binary Brokerz Rating
365BinaryOption Rating