EURUSD Euro is gaining momentum due to investors’

EUR / USD: Euro is gaining momentum due to the investors’ interest

Current trend

On Germany published last week
strong data on key indexes, which have supported the European currency, and
EUR / USD pair reached the key resistance level and
local maximum 1.1000. At the end of the last trading week of the US
currency began to strengthen again against the euro, supported by strong statistics
US labor market and negative credit sector releases in the eurozone economy.

Today the pair is reduced slowly and traded
at the level of 1.0830. It is worth paying attention to the publication of indexes
Consumer prices in Germany and the Eurozone as a whole is expected to rise
indicators. America, in turn, will publish personal expenses and the core index
prices. Favorable data on the euro zone could trigger the growth of demand from
investors. But the key catalyst for the EUR / USD
remains the situation around Greece: if
soon be able to resolve the issue of funding, the euro could confidently
to go up.

Support and resistance levels

In the medium term it is expected
a pair of upward movement with the aim of 1.1000. local maximum breakdown opens
road markings to 1.1110, 1.1245. If favorable data will be released in America,
pair laterally consolidates channel 1.0800-1.1000. It is worth noting that the trend
still downward, and long positions should be opened very carefully, with
stop-loss level below 1.0770.

Support levels: 1.0800, 1.0770,
1.0680, 1.0615, 1.0550, 1.0460.

Resistance levels: 1.0900, 1.0950,
1.1015, 1.1050, 1.1110, 1.1245.

trading recommendations

It is recommended to open long positions in
counting on strengthening the oversold euro with a short stop-loss and
profit-taking at the levels of 1.1110, 1.1245.

Dmitry Likhachev

analyst LiteForex
Investments Limited

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