EUR/USD: Overall review

7 November, 2014

Current trend

Yesterday the pair EUR/USD has hit a new “record,” reaching the lows of August 2012 at the level of 1.2364. Sharp decline took place after press-conference of the chairman of ECB. Mr. Draghi, who has made it clear in his speech that in case of a need, a new stimulus package will be unanimously approved by all members of ECB.

Today, US NFPR index will become known. If Nonfarm Payrolls goes up above expected 229 thousand jobs, the pair EUR/USD will reach new lows.

Levels of support and resistance

Resistance levels: 1.2456 (Fibonacci retracement of 23.6%), 1.2519 (Fibonacci retracement of 38.2%) 1.2567 (Fibonacci retracement of 50%), 1.2610 (Fibonacci retracement of 61.8%).

Support levels: 1.2364 (yesterday’s lows), 1.2295 (lows of August 2012), 1.2200 (important psychological level).

Trading tips

It makes sense to open short positions after breakdown of the level of 1.2355. Short-term target will be at the level of 1.2300, and the main target at the level of 1.2200.

Andrey Cherkas

Analyst of LiteForex Investments Limited

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