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Euro keeps its consolidation

06 March 2014, EUR/USD


Euro keeps its consolidation

The USA submitted a block of macroeconomic statistics. The positive manufacturing ISM gives the first sign of a possible recovery, after the January decline. It should be noted that the release of the employment from ADP and ISM in the services sector are leading Non-Farm indicators.

The support levels: 1.3685-1.3655 and the resistance levels: 1.3740-1.3772.

The MACD is pointing down, that indicating the current corrective movement.

Trading recommendations

If, based on fundamental factor buyers will not be able to break above 1.3760, a good rebound down to the support level 1.3720 might happen. A breakthrough down is possible. The potential target is the mark 1.3660.


Euro keeps its consolidation

The Center of Macroeconomic Research Markit Economics released the final report of the UK - PMI index for the services sector. Two previous reports on the manufacturing and construction sector showed mixed trends, which together with the bad weather conditions in the first half of February; do not allow hoping on strong data.

The support levels: 1.6623 - 1.6582 and the resistance levels: 1.6672 - 1.6720.

The MACD is pointing down that indicates the current downward price movement now.

Trading recommendations

The pair GBP/USD continues to consolidate. It retains a positive outlook on the pair, which can still grow and test the 68th figure. But the loss of the current support will weaken the bullish power and might lead to a reduction. We advise sell orders with the target 1.6512.


Euro keeps its consolidation

A continued growth in the world's leading stock markets will support the pair dollar/yen in the first half of the day on amid the empty macroeconomic calendar. Investors will focus on publishing reports from the United States. Mark that only strong releases on employment can support the demand for the pair.

The support levels: 102.16 - 101.66 and the resistance levels: 102.82 - 103.37.

The MACD is growing up that indicating the current uptrend. Trading recommendations

The dollar/yen was able to grow on positive news and is consolidating n above the previously punched level 102.28 now. This fact improves the outlook of the pair, which may continue to grow and test more important resistance in the area 102.82.

The consolidation at 102.25 would mean that the bulls have no strength for the northern movement. In this case, we wait for a prices rebound down, back to 101.00.

Ruban Sergey
Analyst of «FreshForex» company
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