26 June 2014, EUR/USD
Euro
Despite the world's leading economy growth in recent months, economists polled by Bloomberg, expect a decrease of a demand to the level of - 0.1%. The leading indicators point to a rosy picture and we expect the data better than the forecast that can embolden "bears" to short.
The volatility remains extremely low in the currency market, and the most pairs continue to be traded in a narrow range.
The indicators confirm the bond market - the price difference of 10-year German and U.S. bonds in comparison with the closing last week expands again, and this is a sign that prevail in relation to the dollar bullish moods. The support levels are 1.3570- 1.3590, and the resistance levels are 1.3650 - 1.3670.
MACD is in a positive territory.
Trading recommendations
At an illiquid market the large buy order lifted the pair to 1.3620 Still the picture remains the same: the risks that the pair fall remain, thus we cannot exclude a recovery towards the 37th figure.
Pound
The BoE regulator said that the rates will be increased according to the already mentioned plans, he mentioned as well about the positive expectations about the pace of economic growth in the second quarter. Yesterday, the market received the retail sales report from the Confederation of British Industry. The leading indicator showed the data at the level of the median forecasts. However, if we get stronger growth figures we are waiting for a growth to 1.7030.
The support levels are 1.6960 - 1.6980, and the resistance levels are 1.7010 - 1.7030.
MACD is in a positive territory.
Trading recommendations
The British Currency can correct to 1.6920/03 soon. The loss of this support will lead to a continued fall to 1.6842/20.
Yen
Recently, we saw a synchronous closure of long positions in the shares of world markets, we believe that that closing was caused by a strong impulse. In the light of this we can again expect sales, which will pressure the pair and the pair can return to 101.70.
The support levels: 101.50- 101.70, and the resistance levels: 101.80- 102.00.
The MACD indicator is in a neutral territory.
Trading recommendations
We expect the dollar's decline to the level of 101.22, a break of which would lead to a drop to 100.68.
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