28 November 2014, EUR/USD
There is an interest for the euro and it has risen against the dollar for the 3 consecutive days. The euro slightly decreased yesterday. The eurozone news includes the November employment report in Germany where the jobless claims reduction is expected - 1 thousand against 22 thousand in October. The November Germany (CPI) consumer price index preliminary data was published and points out to the increase to 0.0%.
The euro with the US dollar was able to continue the moderate recovery, rising to the level of 1.2530. We can expect its return above 1.2500-1.2520 as a positive signal.
The support levels are 1.2405-1.2425, and the resistance levels are 1.2500-1.2520.
MACD is in a neutral territory.
The euro needs to consolidate above the level of 1.2500-1.2520 to confirm its breakthrough. Then it will be possible to expect the euro growth to the resistance level of 1.2580-1.2600. Otherwise, the euro decrease will be resumed.
The British pound has supported the general market sentiment against the dollar and has decreased at the end of the session. The second GDP assessment for the third quarter confirmed that the UK economy grew by 0.7% q/q and 3.0% y/y. The investments volume data caused our anxiety that have been in the red compared to the second quarter, -0.7% q/q vs. 3.3% q / q previously. Now the market's attention can be drawn to the Bank of England quarterly bulletin content reports.
The pound/dollar showed its positive dynamics. The pair overcame the resistance level of 1.5730-1.5750 and tested the level of 1.5800-1.5820. Then it rebounded downwards to the support mark of 1.5710-1.5730.
The support levels are 1.5710-1.5730, and the resistance levels are 1.5800 - 1.5820.
MACD is in a positive territory.
The ability to consolidate above 1.5800 - 1.5820 will be a positive signal for the pound, implying its growth towards 1.5870-1.5890. The loss of the support level of 1.5710-1.5730 will call into question the pound ability to continue its recovery.
The Japanese yen again has consolidated against the dollar. The trades were in the narrow side range within the pair dollar/yen and ended with the slight yen decrease. There is still uncertainty on the market about the political situation in Japan that calls for caution. We observe the Japanese stock market decline where the Nikkei lost nearly 0.8%.
The dollar declined against the Japanese yen slowly and uncertainly. At the moment the bears were able to test the mark of 116.95-117.15.
The support levels: 116.95-117.15, and the resistance levels: 117.95-118.15.
The MACD indicator is in a neutral territory.
The bears can test the 117th figure in the short term and its breakthrough will open the way to 116.05-116.25. The pair is still overbought, so we should not exclude the deeper correction towards the 114th figure.