23 Juni 2014, EUR/USD
Euro
The profit decrease indicates the low interest rates expectations, which is the negative factor for the currency growth. The most technical analysis indicators and daily candles indicate a downtrend. In this regard, we do not change our forecast for the pair and still expect the price drop to the minimum value of the current year 1.3476.
The euro/dollar growth due to the profit taking continued. As a growth result it broke resistance at 1.3618 and tested 1.3643
The support levels are 1.3570- 1.3590, and the resistance levels are 1.3650 - 1.3670.
MACD is in positive territory.
Trading recommendations
The reasons for buying the euro are still there, so the current growth should be considered as a corrective. The "Bulls" can move higher to 1.3676 but the break through this level will be the wake-up call for "bears."
Pound
The British Pound continues to be in demand, which allowed it to continue the growth against the greenback and overcome the resistance on 1.7000 psychological level. Moreover, this growth has not stopped and the level 1.7042 represent high marks reached on Aug. 3, 2009. After the testing 1.7062 there was rollback to 1.7032, which currently is a support.
The support levels are 1.7020 - 1.7040, and the resistance levels are 1.7070 - 1.7090.
MACD is in positive territory.
Trading recommendations
The 1.7000-1.7042 break theoretically should increase the upward momentum and open the way to 1.8000, however, should be wary of false breakouts. The fall below 1.6903 would give the reason to assume the formation tops.
Yen
The stock markets investors are positive, that will support the demand for riskier assets. Against this background, we can expect the price growth on futures contracts on the Nikkei 225 Index and S & P 500, which will support the demand for the dollar/yen pair. However, the strong growth cannot count now and will make a 102.33 strong resistance to the "bulls".
The support levels: 101.50- 101.70, and the resistance levels: 101.80- 102.00.
The MACD indicator is in neutral territory.
Trading recommendations
The decrease was not continued Friday. The pair retreated to 102.00 and was trading within this level and support 101.73. The negative sentiment persists, and with it the testing penetration risk 101.59. In the latter case we should expect attacks on the support at 101.22. The rising above 102.80 would question the ability of the yen to continue the corrective growth.
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