The EUR/USD is still in a flat | 15 September 2014

Euro

We wait for the few minor in importance data from the Europe. Still the Eurogroup meeting results message is more important. The EUR/USD continues to consolidate in the narrow range limited by the support level of 1.2890 and the resistance level of 1.2960. The attempts to develop an upward correction are still unsuccessful. The pair oversold is preserved.

The support levels are 1.2870- 1.2890, and the resistance levels are 1.2960 - 1.2980.

MACD is in a negative territory.

Trading recommendations

We wait for the pair exit the range that will indicate the future movement direction. The resistance breakdown will lead to the growth to 1.3030-1.3050. The support loss will lead to the fall to 1.2780-1.2800.

Pound

The survey results that show the Scottish independence supporters number decline were published. Due to this and the Bank of England representative D. Miles’ statement to raise the UK interest rates earlier than planned, the sterling continued its corrective growth. The pound/dollar was able to recover to the resistance level of 1.6200. The bulls didn’t manage to break through to the 63rd figure, but the pair fluctuations underside were limited by the support at 1.6200.

The support levels are 1.6180 - 1.6200, and the resistance levels are 1.6300 - 1.6320.

MACD is in a neutral territory.

Trading recommendations

Amid the Scotland separation votes majority absence the pound/dollar may test the resistance at the 63rd figure in the short term, but the situation may change at any time, so now it is necessary to sell the pound with all precautions.

Yen

The Japanese currency continued to fall against the dollar after the Prime Minister Abe and the BoJ governor Kuroda meeting. There Mr. Kuroda said the central bank would do its utmost to achieve the Government's inflation target. Slowly but surely, the dollar/yen is moving higher and higher. The pair overcame 106.70 and now it is at the level of 107.20.

The support levels: 106.50- 106.70, and the resistance levels: 107.20- 107.40.

The MACD indicator is in a positive territory.

Trading recommendations

The dollar is trying to consolidate above the broken 107th figure. If successful in the short term, it will be able to test the 108th figure.