EUR/USD: analysis and forecast for April 28, 2014

April 28, 2014

Current trend

Although the pair EUR/USD did not leave the limits the 70 points, volatility in the pair was high. At the beginning of the week the pair made several attempts to break down support level of 1.3784, which prevents downward movement in the pair; but these attempts were not successful. Later, in the middle of the week, quotes went up to the level of 1.3854, but the pair was not able to maintain this level. The pair could not determine movement direction and last trading week the pair finished at the level of 1.3830. The data from Germany and Eurozone showed that Euro does not significantly affect the economy. However, the head of ECB Mario Draghi give to understand in his speech that Central bank might take measures to lower the exchange rate of Euro.

This week is going to be eventful. On Tuesday preliminary consumer price index of Germany will become known. On Wednesday unemployment rate of Germany for April will be released, as well as consumer price index of Eurozone. Investors will also await interest rate decision of the US Fed on Wednesday. On Friday US data on number of jobs outside agricultural sector will be known.

Levels of support and resistance

The nearest support level is 1.3820. Next support levels: 1.3810, 1.3795 and 1.3784.

Important resistance levels: 1.3830, 1.1384 and 1.3854.

Trading tips

Trading is expected to be quiet today. It makes sense to place limited buy orders at the levels of 1.3810 and 1.3800. Do not forget to place stop-losses. Short positions can be opened below the level of 1.3784, long positions - above the level of 1.3864.

Ilya Lashenko

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...

FXCM Rating
FIBO Group Rating
Tickmill Rating
Orbex Rating
HotForex Rating
OctaFX Rating

365BinaryOption Rating
Empire Option Rating
Banc De Binary Rating
Anyoption Rating
24option Rating
TropicalTrade Rating