EUR/USD traded upwards after reaching the local highs of 1.3815

December 16, 2013

Current trend

Throughout last week the pair traded upwards. After reaching the local highs of 1.3815, European currency fell for more than 100 points to the level of 1.3700. This week the pair EUR/USD started at the level of 1.3727 and at the moment the instrument is trading near the level of 1.3750.

The main event of this week is the US Fed meeting, where new interest rates and the volume of assets purchase will be announced. The US macro-statistics was quite positive lately; therefore, chances that quantitative easing program will be reduced are high. We would remind that the forthcoming meeting will be the last for Ben Bernanke in the office of the Federal Reserve chairman.

Support and resistance

Technical indicators give ambiguous signals. The signal line of MACD is prepared to cross the zero line from bottom to top, giving a buy signal. Stochastic lines have crossed in the overbought zone; they are directed downward indicating decline. The nearest support levels are 1.3735, 1.3710 and 1.3700. Resistance levels are 1.3765, 1.3780, 1.3800 and 1.3815.

Trading tips

It makes sense to open long positions above the level of 1.3765 with the target of 1.3815. Pending sell orders can be placed below the level of 1.3700.

Ilya Lashenko

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

October 24, 2016
Important economic events for the coming week
Monday, October 24, 2016 - JPY Small Business Confidence (OCT), EUR Markit/BME Germany Manufacturing PMI (OCT P), USD Markit US Manufacturing PMI (OCT P)...
October 21, 2016
US Presidential Election: Final Debate Aftermath
With the dust having settled after Wednesday final US presidential debate of the 2016 campaign between Donald Trump and Hillary Clinton, the results have become rather apparent...
October 20, 2016
Doting on Draghi
The ECB meeting arrives today when EURUSD is testing key levels. The mid-year lows at 1.0952 is perilously close as I write, whilst the post-Brexit referendum low of 1.0913 being in the frame after that. It’s hard to see the ECB adding to its quantitative easing policy...

FXTM Rating
OANDA Rating Rating
HotForex Rating
Orbex Rating
FIBO Group Rating

Anyoption Rating
Banc De Binary Rating
Grand Option Rating
OptionFair Rating
TopOption Rating
Binary Brokerz Rating