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Euro keeps falling

04 March 2014, EUR/USD


Euro keeps falling

There was no interesting reports from the Euro-zone yesterday. The degree of tension is decreased as the inflation in the euro zone remained at the same level in February. We do not expect a strong movement in the first half of the day.

The support levels: 1.3772-1.3720 and the resistance levels: 1.3810-1.3892.

The MACD is pointing upwards, confirming the current uptrend.

Trading recommendations

If the price grows it will go towards 1.3810. The targets for the northern movement are 1.3720 and the 1.3700. We believe that the growth is unlikely to happen in the first half of the week.


Euro keeps falling

The Markit Economics Macroeconomic Research Center will publish the UK manufacturing PMI. The Confederation of British Industry has published retail sales and factory orders positive reports. That may become a good signal of the continued economic recovery after the January decline. The upcoming releases are expected in the median forecasts that will not have a strong influence on the pair dynamics.

We expect a downward movement today.

The support levels: 1.6725 - 1.6660 and the resistance levels: 1.6767 - 1.6815.

The MACD is near the zero line. The indicator does not give the clear signal.

Trading recommendations

The pair movement is uncertain. The resistance 1.6815 limits the further growth. The bulls do not have enough power to continue the growth. We expect the pair to fall to 1.6660-1.6585.


Euro keeps falling

The Japanese yen is slowly but confidently strengthening versus the dollar. We believe that events in Ukraine made inverters be cautious with risks. Japan statistics showed the good results that certainly supported the Japanese currency.

The coming data will not have a strong impact on the pair; the pair needs more serious drivers to exit the consolidation 101.38 -102.82. In general, we can expect the development of a side trend during the day.

The support levels: 101.00 - 101.38 and the resistance levels: 101.60 - 101.82. The MACD indicates the current downtrend.

Trading recommendations

The bears control the market. We expect a decline to 101.00. If the pair breaks this level it is likely to fall to 100.

Ruban Sergey
Analyst of «FreshForex» company
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