EUR/USD: Support And Resistance
LiteForex Europe | Apr 17, 2015 06:45AM ET
Yesterday, as well as throughout the whole week, the European currency has been growing against the American dollar. Opening price at the beginning of the week was 1.0601, while by Friday morning Euro has reached the level of 1.0770-1.0780.
Today, movement in the pair EUR/USD will depend on important macro-economic releases. US consumer price index can trigger the rise in the USD in case favorable forecasts prove to be correct. However, today’s main event is the meeting of Eurogroup under the authority of European Monetary Union. Among meeting participants will be President of Eurogroup, finance ministers of the member-countries, Commissioner for Economic and Monetary Affairs and the head of ECB.
Technical analysis shows that in the last few days the price chart has repeatedly crossed the upper line of Bollinger® bands, which indicates possibility of slight correction.
Support and resistance are the highs and lows, which have been the most frequently recorded in the past three weeks.
- Support levels: 1.0743, 1.0660 and 1.0580
- Resistance levels: 1.0860, 1.0930 and 1.1020
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