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
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