After a significant growth in the end of last week, since the beginning of this week the pair is falling. The pair was pressured by strong macroeconomic statistics from the US that was published on Tuesday. The S&P/Case-Shiller Home Price Indices and Consumer Confidence came out better than expectations of experts.
Tomorrow attention needs to be paid to data on Initial and Continuous Jobless Claims in the US. Volatility is expected low due to the absence of important macroeconomic publications and reduced trade volumes.
Support and resistance
Most likely, until the end of the week the pair will remain near the lower border of a descending channel in the area of 1.4850-1.4750. After that it will correct to the upper border of the channel to the levels of 1.4950, 1.5000.
Support levels: 1.4775, 1.4740, 1.4635, 1.4570, 1.4450, 1.4400.
Resistance levels: 1.4815, 1.4900, 1.4950, 1.5000, 1.5060, 1.5100, 1.5130, 1.5190, 1.5225.
Pending sell orders can be placed at the levels of 1.4950, 1.5000 with targets at 1.4570, 1.4450 and stop-loss at 1.5060.