08 April 2014, EUR/USD
Euro
The German industrial production report for February is worth attention. The industrial orders volume increased by 0.6% in February let us expect the moderately positive data release that cannot have a strong impact on the pair.
The support level is 1.3630-1.3600 and the resistance level is 1.3740 -1.3833.
Daily chart demonstrates negative signals: MACD shows a decline.
Trading Recommendations
The euro/dollar decline continuation towards the support level 1.3618 is expected. The return and the ability to consolidate above 1.3720 will lead to growth resumption and the resistance testing around 1.3800-1.3820.
Pound
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We do not expect interesting macroeconomic releases. In the lights of this we expect the British currency to wait the industrial production and the trade balance releases that will be published on April 8th and 9th.
The support level is 1.6567 - 1.6550 and the resistance level is 1.6600 - 1.6639.
MACD is in a negative area showing a decline.
Trading Recommendations
Inability to rise up and to consolidate above 1.6700 worsens the pair’s outlook. A drop below 1.6459 will open the way to 1.6300. To improve its positions the pound needs to go back and to consolidate above 1.6600.
Yen
The U.S. labor market report was not able to give an impulse to continue the uptrend. On the other hand, the technical correction is necessary for a good upside trend which is now observed. In the absence of important statistics from Japan and the United States, we may expect a side trend.
The support levels are 103.60 - 103.40 and the resistance levels are 103.75 - 104.00.
The indicator MACD shows the growth.
Trading Recommendations
The fact, that the price failed to rise up above the 104th figure and fell down to the 103rd, in the area where there is a 100-day moving average, worsens the pair’s perspectives. The confident 103.00 breakdown lead to the 102.60 testing.
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