EUR/USD Growth Has Stopped
Masterforex-V | Jul 25, 2014 05:09AM ET
EUR/USD recovery stopped in the area of 1.3485, and the pair returned to the opening price. Euro received support after PMI indicators Germany and the Euro zone, noting better than expected and a two-day to a maximum of 1.3484, but failed to gain a foothold in these levels and returned to flat against the strengthening USD after it became known that the number of initial claims for unemployment insurance in the U.S. unexpectedly fell, said the analysts of the Forex Broker Company RVD Markets.
On July 24, 2014, EUR/USD is trading around 1.3465 mark, almost intraday flat market, despite the current rise, the pair remains vulnerable on the eve of an eight-updating at least 1.3437. EUR/USD continues to rebound in tandem with EUR / GBP. EUR / USD recovered almost half a cent from the eight-month low and moved into positive territory after the release of positive PMI data in Germany and the Euro zone.
Hope for continued recovery in the Euro zone pleased Euros, resulting in EUR/USD strengthened from a minimum at 1.3438 to 1.3484 on the day high, while European stock markets played early losses. Rally EUR/GBP, provoked by weak data on UK retail sales also helped to strengthen the pair EUR/USD. However, at 1.3485 the pair ran into resistance and retreated to 1.3478, noting an increase of 0.12% on the day.
Technical analysis
During the U.S. session will be published data on the number of applications for unemployment benefits, as well as preliminary PMI manufacturing index for July and June new home sales figures.
Technical levels on EUR/USD: resistance at 1.3485, 1.3500 (psychological level) and 1.3529 (10-day SMA). Support at 1.3438 (low of July 24), 1.3400/99 (psychological level / at least November 21, 2013) and 1.3390 (low of November 13), as reported by experts of RVD Markets. (rated among the TOP Forex Brokers of the Masterforex-V World Academy)
Technical prospects for the pair EUR/USD: how to write analysts, as the pair is trading at 1.3500 mark, it keeps a downward slope despite the banal lack of momentum. Experts point out support at 1.3445, 1.3410 and 1.3380, while resistance to their forecasts will be located on levels with marks 1.3500 1.3535 1.3570.
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