EUR / USD: the lateral channel change bullish trend
The European currency against the US dollar continues to trade in
wide lateral channel range paragraphs 100-180. Yesterday, in the morning,
the pair fell back to the key support level of 1.1285. This mark has become a kind
an obstacle to the “bears”, a pair of 7 times unsuccessfully tested this milestone. Now
the market we see flat, pair needs substantive fundamental
catalysts for the outlet of the channel.
Today in Germany were published favorable data
the index of consumer confidence, but the labor market is not pleased, and a pair of
almost no reaction to the data. In addition, today, the euro zone will
published statistics on the key indices. America also publishes CPI
prices and labor market data.
In the nearest future the pair will continue to move within the
the current range of 1.1285-1.1450. But in the medium term, growth is possible
pair to new local highs against the backdrop of the deteriorating economic situation in
US negative data on the labor market and GDP, which will be published tomorrow.
In addition, macroeconomic data for Germany point to a gradual
key output of the Eurozone economy from prolonged recession, and therefore positive from
Germany will push the European currency to rise.
Support and resistance levels
In the medium term, to expect an upward movement
marks 1.1530, 1.1600.
Support levels: 1.1285, 1.1225, 1.1170, 1.1100,
Resistance levels: 1.1385, 1.1410, 1.1450, 1.1530,
1.1600, 1.1700, 1.1750.
In this situation, reasonable trading within the current
range of key resistance and support, but it is necessary to limit the
loss stop-loss outside the range in case of a breakthrough.
In the medium term actually buy oversold euro, with the objectives of
Analyst LiteForex Investment Limited
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