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The EUR/USD strives to new peaks

21 April 2014, EUR/USD


The EUR/USD strives to new peaks

The EURUSD is trading below the strong resistance level 1.3840.

Buyers tried to break above the level 1.3840. The break was for a short time and it was not supported by the volumes. The price returned by the level.

The support levels are 1.3780-1.3800 and the resistance levels are 1.3870-1.3890.

MACD is a zero area, which indicates the current corrective movement now.

Trading Recommendations

The EUR/USD is still trading in a range. We are expecting a decline to 1.3750.

Alternative trading

The buyers need to break and consolidate above the resistance level 1.3840 to reverse the downward trend. The growth is expected to 1.3900 in this case.


The EUR/USD strives to new peaks

Investors return to work on Tuesday, April 22, after a long weekend. So, it is difficult to rely on the British currency quotations growth, despite the positive news flow from the UK. In general, we can expect the side trend development.

The support levels are 1.6720-1.6740and the resistance levels are 1.6800-1.6820.

MACD turned down, that indicates the current corrective movement now

Trading Recommendations

The support 1.6774 restrains bears. Thus, the doubts about the pound’s ability to maintain positive dynamics are justified, but it is better not to hurry to make conclusions for now due to the low liquidity in the market. Nevertheless, downside risks to 1.6700-1.6660 look pretty high.

Alternative trading

The resistance 1.6800 break will return the price up to the mark 1.6835 - 1.6840.


The EUR/USD strives to new peaks

Among the major Asian financial centers - the banking institutions will operate only in Tokyo today. Trading in Hong Kong and Singapore are closed for the Easter holidays, and in the light of this we can expect the Japanese yen’s moderate strengthening in the first half of the day. Then, when the trading volume is significantly reduced - trading pair dollar/yen will be held in the flat market framework.

The support levels are 102.03-102.23 and the resistance levels are 103.00-103.20.

MACD turned up, indicating the current uptrend.

Trading Recommendations

The dollar/yen was bought on the decline to 101.86, and the pair overcame local resistance to 102.36 and reached 102.56, where the 100 -day moving average is. Despite the break of 102.36, the reducing renewal probability still presents. The falling below the 102nd figure puts the support mark 101.59 in jeopardy. The growth above 102.56 will improve the perspectives and lead to 103.00-103.40 testing.

Ruban Sergey
Analyst of «FreshForex» company
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