24 April 2014, EUR/USD
Euro
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This week main event is the Markit Economics center research publication in Germany and France. We do not expect too positive reports as the Germany trends economic development expectations are not considered as positive, and the euro course is relatively high.
The support levels are 1.3810 - 1.3840, and the resistance levels are 1.3860 - 1.3880.
MACD is pointing down, indicating the current downtrend.
Trading Recommendations
The market shows the low volatility. The pair is traded in a narrow range, slightly moving from one side to another. The pair recently grew to the level 1.3860 where it is trading now. The pair is still between 1.3787 and 1.3860. Bulls try to break the upper limit, but they are unlikely to succeed. While the trading is above the current support there could be the growth to 39th figure. If we loose the support EUR/USD may fall to 1.3720.
Pound
The Bank of England released its meeting minutes. No one awaits surprises on this side. The bank's policy is unlikely to be tightened in 2014. A good labor market situation can become a support for bulls. Then the growth and high volatility are possible.
The support levels are 1.6780 - 1.6800, and the resistance levels are 1.6860 - 1.6880.
MACD is pointing up, indicating the current corrective movement rates.
Trading Recommendations
The pair could again grow above 1.6830 but it could not overcome it. The price fell to 1.6780 where stopped. If the pair grows we might have another top. If the pair breaks the current level it will fall to 1.6660. The BoE protocols publishing can become a driver for the pair.
Yen
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We do not expect any major reports from Japan. We recommend focusing on the major stock exchanges trading on around the world. Trading in the U.S. and Europe was closed on the positive results that may support yen/dollar bulls to go long. Base on the American housing market statistics traders may develop a side trend.
The support levels: 102.16 - 101.72, and the resistance levels: 102.89 - 103.33.
MACD is pointing up, indicating the current uptrend.
Trading Recommendations
The pair does not show any progress. The pair is traded in a range 102.72 - 102.30. Indicators can not yet show which direction the pair may go.
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