The EUR/USD left the range | 23 July 2014

23 July 2014, EUR/USD

Euro

The EUR/USD left the range

The traders focus on the consumer price index data in the United States in June publishing.

It is worth noting that even if we get the release as it was forecasted the market participants will support the U.S. currency, as in this regard the financial markets will start exaggerate rumors on the earlier federal funds rate increase again. Against this background, we can expect the more bearish sentiment in the afternoon.

The support levels are 1.3400- 1.3420, and the resistance levels are 1.3480 - 1.3500.

MACD is in a negative territory.

Trading recommendations

The pressure on the pair persists and it can retest the 35th figure while we shouldn’t exclude the recovery to the 36th figure direction.

Pound

The EUR/USD left the range

The British Pound has not changed significantly in value against the U.S. dollar after the Rightmove Plc announcement on the house prices decrease in England and Wales. The pound has become the absolute leader among the 10 major currencies for the past 12 months, gaining 11% on speculation that is a sign of the economic growth recovery as the housing market will force the BoE to raise the interest rates in the first half of 2015. For comparison, the euro gained 1.2% in 2014 while the dollar fell by 2%.

The support levels are 1.6960 - 1.6980, and the resistance levels are 1.7070 - 1.7090.

MACD is in a negative territory.

Trading recommendations

The pound/dollar remains under a pressure. The pair fell to the support level of 1.7070, which limits the downward correction development at this stage. The risks that it will be broken are preserved in this case we should expect the level of 1.6980 testing.

Yen

The EUR/USD left the range

We continue to see a side trend in the medium channel of 101.00-102.70, but the U.S. position strengthening along the entire market will support the demand for the pair. The world's leading stock markets finished lower bids and the "bearish" trend continuation will put the pressure on the "bulls".

The support levels: 101.20- 101.40, and the resistance levels: 101.70- 101.90.

The MACD indicator is in a neutral territory.

Trading recommendations

The support around the level of 101.00 limits the "bears". The downward correction completion will happen after the 101.70 and 102.00 breakout. The growth above the last mark will significantly improve the pair’s outlook.

Ruban Sergey
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
ปูมบันทึกอยู่ใน
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .