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The GPB/USD keeps slipping down

24 July 2014, EUR/USD


The GPB/USD keeps slipping down

The States are still pleasing the investors with a positive macroeconomic statistics and in the light of this we see the U.S. dollar strengthening against the European currency.

It is necessary to build up short positions on the short-term price growth. The euro/dollar budged and continued to decline as a result it tested and subsequently broke the support at the level of 1.3480.

The support levels are 1.3400- 1.3420, and the resistance levels are 1.3480 - 1.3500.

MACD is in a negative territory.

Trading recommendations

The growth efforts towards 1.3535 should be seen as an opportunity to open the short positions.


The GPB/USD keeps slipping down

The main event will be the BoE last meeting minute's publication. The "bulls" are waiting for the positive comments from the monetary control and the inflation bounce allows them to count on it. The second key macroeconomic indicator for the Bank of England - the unemployment rate also shows a positive trend.

The GBP/USD remains under a pressure. After beaking through the support level of 1.7070 the pair trades under this level.

The support levels are 1.6960 - 1.6980, and the resistance levels are 1.7070 - 1.7090.

MACD is in a negative territory.

Trading recommendations

The confident break through of 1.7070 will lead to the level of 1.6980 testing, growing above 1.7070 would jeopardize the current maximum break.


The GPB/USD keeps slipping down

The U.S. stock market once again set a new historical maximum of the S & P500 index and in this area the "bulls" can meet the strong bearish pressure. The technical rebound in the stock markets will provide the short-term pressure on the pair, but the downward trend should be considered for opening long positions amid the demand for the U.S. dollar by Japanese exporters. In this regard, the support levels of 101.40 and 101.00 look the most attractive for the long positions opening.

The dollar/yen managed to recover the resistance around 101.70, but failed to overcome it and, once again under the pressure decreases to the support at 101.40 direction.

The support levels: 101.20- 101.40, and the resistance levels: 101.70- 101.90.

The MACD indicator is in a neutral territory.

Trading recommendations

The dollar continues to trade below the downlink resistance that keeps hope to break through the above support. But the rise above 101.70 will give the downward correction supposed end.

Ruban Sergey
Analyst of «FreshForex» company
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