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The guestion will the ECB raise the rates or not?

The guestion will the ECB raise the rates or not? | 02 June 2014

02 June 2014, EUR/USD

Euro

The guestion will the ECB raise the rates or not?

The U.S. dollar fell on Thursday May 29th against the most major currencies, losing 0.1% on the dollar index against the U.S. economic growth weak data which has decreased for the first time for three years. The U.S. housing market pending sales also came out worse than expected while the labor market data exceeded expectations.

The support level is 1.3590 and the resistance level is 1.3650.

The MACD turned up, indicating the current corrective movement

Trading recommendations

The potential decrease target is the level 1.3590. It is possible a further falling to 1.3535. An alternative variant is the resistance level 1.3650 break up that will allow buyers to correct the price to 1.3660, 1.3700.

Pound

The guestion will the ECB raise the rates or not?

The pound has lost upward momentum for the near future. The investors expect the slowdown in the UK housing market in the near future as a result of the credit tightening. This fact put pressure on the sterling.

The Bank of England is going to apply additional measures aimed at the housing market growth curbing in June.

The pound/dollar also undertook a recovery attempt which was used to open short positions. As a result, it broke through the support at 1.6700 and tested the mark 1.6782. The kickbacks are now limited by the resistance at 1.6814 where the interest in sales is maintained.

The support level is 1.6700 and the resistance level is 1.6770. The MACD turned up that signals about the current upward price movement now

Trading recommendations

In the short term, the pair may test the support at 1.6770 where it shall return to a decrease. The decrease target is 1.6640.

Yen

The guestion will the ECB raise the rates or not?

We got the whole important macroeconomic statistics set from Japan which stands out the April consumer price index report. The sales tax rate was raised that led to an increase in the inflationary pressures. The economists polled by Bloomberg, expect the significant CPI index growth which will support demand for the Japanese yen.

The current level 101.45 is on 10 points higher than the daily support level 101.35 which over the past 4 months managed to break once for a total in the short term.

The support level is 101.70 and the resistance level is 102.

The MACD points down, indicating the current downtrend.

Trading recommendations

The breaking of this resistance will lead to an increase to 102th figure.

Ruban Sergey
Analyst of «FreshForex» company
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