LiteForex_Official

EUR/USD: pair is growing

FX:EURUSD   Euro Fx/U.S. Dollar
54 0 2
Current trend

In the end of last week, the pair strengthened.
The Euro             was supported on Friday by poor macroeconomic statistics from the US, where Retail Sales for December fell by 0.1%, while economists predicted a zero change. Retail Sales excluding Autos shrank by 0.1%, against a forecasted growth of 0.2%. In addition, Industrial Production data showed a decline of 0.4%, instead of a predicted growth of 0.2%. December, thus, was the third consecutive month of the decline of the index.

Support and resistance

Bollinger Bands on the daily chart is moving horizontally, while the price range tends to narrow. MACD is slowly growing and giving a very weak buy signal. Stochastic is turning horizontally as it significantly moved away from the overbought zone.

The indicators recommend waiting for clearer trading signals.
Support levels: 1.0900 ( local             low), 1.0867, 1.0795 (7 January low), 1.0762, 1.0710 (5 January low), 1.0673, 1.0638, 1.0600.
Resistance levels: 1.0946 ( local             high), 1.1000 (psychologically important level), 1.1059 (15 December high), 1.1100, 1.1153.

Trading tips

Long positions can be opened after the price reverse near the level of 1.0867 (with the appropriate indicators signals) with the target at 1.1000 and stop-loss at 1.0800. Validity – 2-3 days.
Short positions can be opened after the breakdown of the level of 1.0867 with the target at 1.0710 and stop-loss at 1.0940. Validity – 2-3 days.
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