Current trend

Yesterday, EUR/USD rose in value due to weak US statistics and reached a level of 1.0803. According to the information of the Automated Data Processing Company (ADP), which provides payroll services, private sector employment grew by 189 thousand against a forecast of 231 thousand.

The manufacturing index from the ISM decreased from 52.9 points to 51.5 points over the previous accounting month, thought analysts anticipated 52.5 points.

The Greek factor puts additional pressure on the Euro. In an interview with "Der Spiegel", Interior Minister Nikos Voutsis said that his country would fail to make a loan repayment to the IMF on 9th April if no money is sent to Greece.

The Daily Telegraph reports that the Fitch agency aggravated the country's financial state by downgrading its 4 biggest banks from B- to CCC.  These banks are currently totally reliant on ECB's help. They have lost 15% of deposits since November 2014.

Support and resistance

Resistance levels: 1,0803 (yesterday's maximum), 1.0895  (30 March maximum, 50% Fibonacci retracement level), 1.1000 (important psychological level).

Support levels: 1.0713 (31 March minimum), 1.0655 (20 March minimum), 1.0600 (important psychological level).

Trading tips

Sell below a level of 1.0710 with the first target at 1.0655 and second target at 1.0600. Long positions will be relevant above a level of 1.0800 with targets at 1.0890 and 1.1000.

EUR/USD: general overview




The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.



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