10 October 2014, EUR/USD
Euro
The euro/dollar will be in the moderate demand today despite the oil prices reduction is a negative factor for inflation pressure increase. The Fed "minutes" have given the bulls a hope for the corrective movement which is long overdue. The US and German 10-year bond yields are again showing the strong reduction which is positive for the euro bulls.
The support levels are 1.2640 - 1.2660, and the resistance levels are 1.2730 - 1.2750.
MACD is in a positive territory.
Trading recommendations
The euro can test resistance at the level of 1.2800-1.2820 where it is possible the bears’ activation. The level breakthrough will lead to the increase upwards to 1.2890-1.2910. We should open the long positions at the lows and we should not forget about the protective stop-orders.
Pound
We expect the Bank of England meeting results, but they will not surprise the traders and therefore we should not expect the volatility spike. Today it will be rather difficult for the pound to continue its upward movement that we saw yesterday. Both the cross-rate EUR/GBP growth and the UK 10-year bond yields increase point to the side trend development during the day within the range of 1.6130 -1.6200.
The support levels are 1.6020 - 1.6040, and the resistance levels are 1.6130 - 1.6150.
MACD is in a neutral territory.
Trading recommendations
The pound can retest the downward trend line in the short term which is currently near the level of 1.6200. Its breakdown will weaken the downward pressure and will lead to the increase near the 63rd figure.
Yen
The dollar/yen bulls pair are returned and we can expect the upward trend. The US 10-year bond yields are close to the minimum year values which will support the stock markets demand. Due to the strong US stock market growth, traders will get rid of the “haven” yen and will open the "longs".
The support levels: 107.60-107.80, and the resistance levels: 108.20-108.40.
The MACD indicator is in a negative territory.
Trading recommendations
The dollar can decrease to the support level of 107.00-107.20 in the short term. The dollar return above the level of 108.20-108.40 will question the yen ability to continue its correction.
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