EUR/USD: analysis and forecast for April 02, 2014

April 2, 2014

Current trend

This Monday the pair has broken through key resistance levels and consolidated above them. However, yesterday's market wasn't volatile, and EUR/USD was trading around support level of 1.3790. Euro has been supported by the positive stats from Germany, where unemployment rate is decresing. Fundamental data of Eurozone shows that the gap between differebt countries isn't so big anymore. ECB is trying to boost economic recovery, although investors are quite sceptical about the results of monetary policy meeting.

Today we anticipate the release of PPI of Eurozone, forecasts are negative. Do not forget about major release on Friday – Non-Farm Payrolls in USA.

Support and resistance

The closest support level is 1.3800, breakdown of this level is the main goal of Bears. Next support levels will be at 1.3790, 13770, 1.3750, 1.3735. Resistance levels are 1.3815, 1.3830, 1.3850, 1.3875.

Trading tips

Long trades can be opened above 1.3830 with target at 1.3875. Sell orders should be placed below 1.3790. Buy limit order can also be placed at 1.3875.

Ilya Laschenko

Analyst of LiteForex Group of Companies

Publication source
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