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

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...

Trade360 Rating
NPBFX Rating
Vantage FX Rating
Tickmill Rating
HotForex Rating
 FXTM Rating

UKoptions Rating
Beeoptions Rating
OptionTrade Rating
365BinaryOption Rating
EZTrader Rating
First Binary Option Service Rating