Current tend

The EUR/USD pair continues falling along a narrow downward channel and keeps testing new lows.

This week the pair was pressured by strong macroeconomic statistics from the US on Durable Goods Orders and Initial Jobless Claims that came out a lot stronger than forecasts.

In the end of the week, low volatility is expected in the pair due to the absence of important publications from the eurozone and Thanksgiving Day celebration in the US.

Support and resistance

In the short-term, the pair is going to move along a narrow sideways channel and will possibly fall to yesterday lows. In the medium-term, the pair will be moving along a downward trend towards its middle of March lows at the level of 1.0460, with the long-term target at the level of 1.0000.

Support levels: 1.0595, 1.0570, 1.0525, 1.0460, 1.0410, 1.0350, 1.0300.

Resistance levels: 1.0650, 1.0690, 1.0710, 1.0775, 1.0820, 1.0860, 1.0920, 1.1020.

Trading tips

Short positions can be opened from current prices with the short-term target at 1.0460, the long-term target at 1.0000 and stop-loss at 1.0670.

EUR/USD: pair in downward trend

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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