EUR/USD: general analysis for January 7th, 2014

January 7, 2014

Current trend

Fundamental data, which has been issued by European Bureau of Statistics this year, does not contribute to the growth of European currency. Volume of private lending in Eurozone fell by 2.3% on annual basis, which is the lowest index in 20 years. Despite measures of the monetary authorities, business activity in European countries continues to decline; therefore we cannot count on the rapid recovery of economy. The key news of today is as follows: unemployment rate in Germany and consumer price index in EU. 

Levels of support and resistance

On Monday the pair EUR/USD failed to overcome important resistance level of the moving average with the period 200 and since then has traded downward. However, the level of 1.3650 is still the target of the “bulls”. If Euro manages to consolidate above this level in the near future, the pair may grow up to the level of 1.3745. The nearest support level is 1.3600.

Trading tips 

“Bearish” trend is strong in the market; therefore it is recommended to open short positions after breakdown of support level of 1.3600 with protective orders near 1.36200 and a target of 1.3511.

Dmitry Agurbash

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

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...
January 18, 2017
Trump Inauguration Market Outlook
Friday, January 20, 2017 will mark the historic inauguration of what promises to be a highly unconventional US presidential administration...

EXNESS Rating
Fort Financial Services Rating
XTB Rating
FXCM Rating
Trade360 Rating
Z.com Trade Rating

Empire Option Rating
Migesco Rating
Banc De Binary Rating
Binary.com Rating
Beeoptions Rating
Dragon Options Rating