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The fundamental data supported the pound and the yen

09 April 2014, EUR/USD

Euro

The fundamental data supported the pound and the yen

The U.S. dollar was traded down against the major currencies, losing 0.25% on the index of the dollar amid the significant U.S. macroeconomic data lack. The euro was traded higher amid the positive statistics and statements from ECB officials. The ECB decided not to continue incentive measures. The Swiss franc strengthened after data on inflation in Switzerland.

The support level is 1.3740 and the resistance level is 1.3810.

MACD shows a growth.

Trading Recommendations

The euro/dollar stopped falling and grew yesterday. The pair broke some levels and stopped at 1.3810. If the pair does not go further it will return to 1.3740. If it growth it will head to 1.3840.

Pound

The fundamental data supported the pound and the yen

British National Bureau of Statistics published an industrial production report for February. Leading indicators of industrial production show a mixed background - PMI index has been declining for four consecutive months, at the same time there is a moderately positive trend growth in orders from the Confederation of British Industry Manufacturers. The positive industrial data supported the pound as the result it flew up.

The support level is 1.6720 and the resistance level is 1.6800.

MACD is in a positive area, the histogram is growing.

Trading Recommendations

The pair looks overbought. We do not believe in a continued growth at least this week. The pair looks like to bounce down. The first target is the 1.3720, and then 1.6660 goes.

Yen

The fundamental data supported the pound and the yen

There was a high volatility at the Asian market. The main its driver was the Bank of Japan meeting. This is the first meeting of the new fiscal year. Japanese regulator said that he is not going to make any changes before May 2014. In the case of the economic slowdown the Bank of Japan will increase a number of stimulating steps.

The support levels are 103.60 - 103.40 and the resistance levels are 103.75 - 104.00.

The indicator MACD shows the growth.

Trading Recommendations

The pair is oversold. It will take weeks to return to the positive trend. The pair might stop at the current level 101.80 for a while to begin a recovery the next week.

Ruban Sergey
Analyst of «FreshForex» company
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