Log in

The EUR/USD preserves the bullish scenario

24 June 2014, EUR/USD


The EUR/USD preserves the bullish scenario

The euro traders should pay attention to the France and Germany manufacturing sector PMI. The Business Climate Indicator from Germany ZEW institute in June showed the significant decrease, as indicated by the increased pessimism about the medium-term economic prospects.

The last trading week was generally positive for the euro/dollar. The pair managed to get up and consolidate above 1.3544, and overcome the resistance around 1.3618 and test the 1.3643 mark. Here it was again faced with the sale interest, which brought it to 1.3564. Nevertheless, the "bulls" do not leave attempts to develop the rising movement and the EUR/USD approached the resistance near 1.3618.

The support levels are 1.3570- 1.3590, and the resistance levels are 1.3650 - 1.3670.

MACD is in a positive territory.

Trading recommendations

The ECB interest rate lowering remains a negative factor for the single currency, but we don’t exclude its restoring to the 37th figure. To do this, the "bulls" need to rise and consolidate above 1.3618. Otherwise, the pressure on the pair resumes and it will return to the support near 1.3544.


The EUR/USD preserves the bullish scenario

The last meeting minutes showed that all members of the committee unanimously agreed that the monetary policy will be remained unchanged, after that the pound fell but only slightly. The speculation on the first BoE and the Fed rate growth will become the main driver for the pair the coming months.

After the 69th figure breaking the GBP/USD could consolidate above it and climb to the psychological level of 1.7000. Soon it was broken, and the pair has risen to the level of 1.7062, which is still holding back the "bulls" attacks.

The support levels are 1.6990 - 1.7010, and the resistance levels are 1.7040 - 1.7060.

MACD is in a positive territory.

Trading recommendations

The break of 1.7000 and 1.7042 should be considered as a positive factor for the pound, assuming its growth towards 1.8000. Nevertheless, there are risks that bulls might profit foxing at the current levels. The loss of 1.7000 may lead to the decrease to 1.6900. The break of this level will weaken the upward movement.


The EUR/USD preserves the bullish scenario

In the absence of interesting reports the investors will monitor the stock market trading dynamics. After the Fed's decision to keep interest rates at low levels at the beginning of next year - the "bulls" returned to equity markets and do not think about its leaving.

In general, the balance in the dollar/yen pair remains negative. Last week the dollar rose up but attempts to consolidate above 102.00/20 were unsuccessful, so the pair returned to 101.73.

The support levels: 101.50- 101.70, and the resistance levels: 101.80- 102.00.

The MACD indicator is in a neutral territory.

Trading recommendations

The recovery continues to attract interest in sales which could lead to testing and breaking through the support at 101.59.

Ruban Sergey
Analyst of «FreshForex» company
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.