European currency has significantly weakened against the American currency

24 November, 2014

Current trend

At the previous trading session European currency has significantly weakened against the American currency. Starting from the morning Euro had been declining. The pressure on the pair was caused by the comments of Mr. Mario Draghi about possibility of the additional incentive measures aimed at the increasing inflation level in Eurozone. Amid this fact Euro lost over 150 points.

Today, investors are waiting for the data on ISM index in Germany (12:00 GMT+2), and business activity index in the US service sector (17:45 GMT+2).

Support and resistance

On the four-hour chart technical indicators show that downward movement will continue. Bollinger bands are diverging, forming a sell signal. MACD histogram is in the negative zone; its volumes are increasing.

Resistance levels: 1.2410, 1.2460, 1.2510 and 1.2570.

Support levels: 1.2380, 1.2360, 1.2300 and 1.2250.

Trading tips

If current trend continues, it is advisable to open sell positions after breakdown of the level of 1.2380 with the nearest target of 1.2360. However, correction movement is also possible. The “bulls” will try to push the pair up to the level of 1.2410, from which buyers will make an attempt to test the level of  1.2460.

Vadim Smarzh

Analyst of LiteForex Investments Limited

XAG/USD: A decline might resume

On the 4-hour chart, the pair is trading near the level of 15.32 (23.6% correction). The price is supported by the 38.2% fan line, directed up, and the level of 15.05 (38.2% correction)...

USD/TRY: Dollar resumed growth

Since the beginning of this week, the pair continues strengthening amid some reduction in anxiety on the market. The Dollar was supported by data on Retail Sales that came out in the US on Friday. In January, the index grew by 0.2% that was slightly better than forecasts of economists...

Brent: growth resumed on February 15, 2016

Since the middle of the previous week, the price of Brent crude oil continues growing amid weakness of the US Dollar. In addition, the price is supported by expectations of the reduction in output by major world producers...

XAU/USD: technical analysis

On the daily chart, the pair is trading just above the lower MA of Bollinger Bands. The price remains below the EMA130, EMA65 and EMA14, all directed down. The RSI is failing to break out from the oversold zone as it tested its resistance at 32 mark two times last week...

XAU/USD: gold renews lows

On Thursday, the price of gold fell to its 5-year lows. The Bearish trend accelerated amid macroeconomic statistics form the US than strengthened expectations of an interest rates hike on the US in December...

XAG/USD: pair is falling

The price remains under pressure amid strengthening US Dollar that was significantly supported after the publication of strong NFPR data in the US that substantially increased chances of an interest rate hike in December...

Brent: Fibonacci analysis

On the 4-hour chart, the price is trading in the area of 48.10 which is seen as a particularly strong level as 23.6% Fibonacci both for the short-term and medium-term trends have concentrated in the area of 48.10-47.80...

Brent: moderate growth

At the end of last week, the price of Brent crude oil strengthened moderately, being supported by the weakness of the US dollar which failed to hold its positions, gained after the recent Fed meeting...

XAU/USD: gold reached local highs

Last week the price of gold significantly grew. The pair remains under pressure amid concerns on the markets that the Fed will refrain from an interest rate increase before the end of the year...

In the past 24 hours Bitcoin has lost -0.24% and reached $6580.15928978. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.6352% and is now at $1.1587. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -8.05% and is now at $209.139827741. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Forex Market Analysis

Forex Currencies Forecasts

Top 10 Forex Brokers 2018

# Broker Review
6FIBO GroupFIBO Group84%