Online Assistant
We will be pleased to answer any questions you may have
Write Call
Log in

The euro is under pressure, the dollar keeps strengthening

10 March 2015, EUR/USD

Euro

The euro is under pressure, the dollar keeps strengthening

The European single currency has fallen against the dollar. The euro area industrial production and the February consumer price indices final assessment will be published this week. The forecasts suggest the euro area industrial production increase in January. The pair is trying to consolidate above the resistance level of 1.0770. There are still no signals about the possible trend reversal even in a short term.

The support levels are 1.0750-1.0770, and the resistance levels are 1.0900-1.0920.

MACD is in a negative territory.

Trading recommendations

If the pair manages to consolidate above 1.0900-1.0920, we expect its growth to the mark of 1.1000-1.1020. After the breakthrough above 1.0900-1.0920 we anticipate the short-term sales to the target of 1.1000-1.1020. If the price rebounds from this mark it may resume its decrease to the level of 1.0750-1.0770.

Pound

The euro is under pressure, the dollar keeps strengthening

The British pound has fallen against the dollar as well as the euro did. The currency recorded the strongest losses than the euro - more than 200 points. But it recovered on the Monday’s trades. The January foreign trade balance is expected with improvements - the deficit is probably reduced to 9.7 billion against -10.2 billion pounds in last year December.

The pair broke through the resistance level of 1.5100-1.5120. The price is below 1.5200 that allows us to speak about the decrease resumption after a correction.

The support levels: 1.5080-1.5100 and the resistance levels: 1.5160-1.5180.

The MACD indicator is in a negative territory.

Trading recommendations

If the resistance level of 1.5100-1.5120 is overcome, the pair might continue to grow up to the level of 1.5160-1.5180 and further towards 1.5220-1.5240. Shall the pair rebound from the level of 1.5160-1.5180 we may get the sales to the target of 1.4980-1.5000. With this level breakthrough we expect buying with the target of 1.5160-1.5180.

Yen

The euro is under pressure, the dollar keeps strengthening

While the pair dollar/yen was waiting for the US news it fell slightly under the psychologically important technical level of 120.00. Another 4th quarter Japan GDP assessment pointed out to the less significant increase than it was defined in initial studies. According to some sources, the main economic indicator grew by 1.5% q/q the last quarter of last year, but not by 2.2% q/q as it was previously reported.

The pair is consolidating around the resistance level of 121.30-121.50. The fact that prices are above 120.00 signals about the further growth.

The support levels: 120.00-120.20, and the resistance levels: 121.30-121.50.

The MACD indicator is in a positive territory.

Trading recommendations

If the resistance of 121.30-121.50 is broken, the pair will continue to rise up to the level of 122.40-122.60. We advise to long only after the resistance level of 121.30-121.50 breakthrough.

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.