31 March 2014, EUR/USD
The euro/dollar continued to fall. The movement was quite modest and stopped after testing the mark 1.3728. Thus, the reduction strengthens the assumption that the pair is forming a top on the current maximum, which, in turn, involves the development of a larger downward correction.
The support levels: 1.3700 - 1.3682, and the resistance levels: 1.3810 – 1.3830.
MACD is in a negative area. The histogram is going to grow showing a correction.
The support breakdown is expected, the decline to 1.3643/00 and the rising above 1.3880 would mean the risk of the current maximums breakdown. Indicators point to the further decline.
The pound stubbornly refuses to fall down. It should be noted, that there’s no objective reasons for its active selling, but the development of a downward correction is still quite possible. The pound/dollar was bought after 1.6555 testing, that led to the growth towards 1.6646. The pair cannot this level yet though the rollbacks are limited by the local support in the 1.6597 area, where the 100 -day moving average goes.
The support level is 1.6600 and the resistance level 1.6660.
The MACD indicates a possible correction.
If the pound can foothold above the 1.66, the growth can be continued, and we should expect the testing of the 67th figure. The falling down below the 100 -day moving may mean a continuation of a downward correction.
The USD/JPY left a narrow range and started to grow. The late last week, the pair fluctuations were limited by the support level and the resistance level 101.99, 102.43. After breaking these levels the pair headed towards 103.20.
The support levels: 102.60 - 102.45 and the resistance levels: 103.00 - 103.20.
MACD is growing confirming the growth.
The bulls are back to the market. We believe the growth will be continued further. Still a correction towards 102.30 is possible.
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