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The EUR/USD takes a pause

04 July 2014, EUR/USD


The EUR/USD takes a pause

We have got a lot of the euro/dollar data. In the first half of the day we expect the side trends development - investors take a wait before the ECB's credit policy meeting outcome announcement. The interest rates are expected to be maintained at current levels and all the market participants' attention will be drawn to the Mario Draghi press-conference.

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

MACD is in a neutral territory.

Trading recommendations

The EUR/USD corrected to a lower point, having fallen to the level of 1.3640, which could give the support for the pair. The bulls can test again the resistance near the 1.3700-1.3720. Its breakout leads to the growth to 1.3775-1.3800. The support loss of the 1.3590 could signal about the downtrend resumption.


The EUR/USD takes a pause

Currently, the British currency potential growth wasn’t exhausted and we can expect the 72 figure test. If we get good PMI service sector - the GBP/USD will be in the demand among the investors. The investors' attention will be focused on the U.S. labor market. The Non-Farm shows the positive figures, but we do not have a complete picture – the data on the unemployment benefits and the employment level in the ISM service.

The support levels are 1.7090 - 1.7110, and the resistance levels are 1.7170 - 1.7190.

MACD is in a positive territory.

Trading recommendations

After testing of 1.7176 the bulls took a break, and the pair is consolidating below that level now. The demand after falls which is limited by the local support in the area of 1.7110 still persists. In the short term we should not exclude the resistance testing; its break will allow to test the resistance near 1.7215.


The EUR/USD takes a pause

The nonfarm payrolls will show the expected results- we will see the further dollar/yen and the U.S. stock market strengthening. The positive release may show that for 4 months in a row we witness the creation of more than 200 thousand new jobs.

The support levels: 101.80- 102.00, and the resistance levels: 102.30- 102.50.

The MACD indicator is in a positive territory.

Trading recommendations

The dollar/yen is pushed away from the resistance around 101.70 and resumed its decline, but at the level of 101.40 the pair was bought, as a result it had broken above the resistance and grew to 102.18. The return above the previously broken support of 101.70 and rising to 102nd figure is positive technical factor for the dollar.

Ruban Sergey
Analyst of «FreshForex» company
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