EUR/USD Failed Attempt To Rise Above 1.0950 Reistance
LiteForex Europe | Apr 08, 2015 06:11AM ET
On Monday the EUR/USD pair traded in the range of 1.0909-1.1035. Following the rise at the end of last week, the pair made a failed attempt to go above the resistance level of 1.0950 and is now trading at around 1.0915.
Some macro-economic news, which can affect the movement in the EUR/USD pair will be released this week. Special attention should be paid to the data on retail sales in the eurozone, which will become known on Wednesday. This index in February might go down to the negative zone, which will definitely undermine the euro’s position.
Technical indicators encourage strong buy orders. On the four-hour chart, average moving lines with the periods of 20, 50 and 100 are below the price level, indicating the rise in price. The Ichimoku indicator shows that the price is above the “cloud” and between the signal lines, which indicates an upward correction.
The nearest support level is the moving average line with the period of 100 (1.0895). Resistance levels are the local highs of 1.0950 and 1.1025.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.