EURUSD analysis and forecast

EUR / USD: analysis and forecast

Current trend

On Tuesday, the dollar fell against the euro and a basket of major currencies
after the controversial economic news from the US. Thus, orders for goods
durables decreased by 3.4% in December, confounding forecast
This growth rate at 0.5%. The volume of orders for durable goods
use excluding transport equipment for the same period as
decreased 0.8%. Meanwhile, the level of confidence of American consumers
January rose to 102.9 points, which is the best result since August
2007.

Today during the day may be a slight strengthening of the euro to
US Federal Reserve meeting. Due to the instability of the world economy forecast
US monetary authorities decision difficult. Probably, the interest rate
will be left unchanged, will continue the growth of the euro against
the dollar. In that case, if the Fed decides to increase the key rate, the euro
significantly weaken, so it is recommended to open short positions, so this decision
American regulator, will have a long impact on the market.

Support and resistance levels

The nearest resistance level is 1.1383 price – a maximum of trading today.

Support is the price level of 1.1306 – the level of the moving average with
period 55.

trading recommendations

Under these circumstances, necessary to open long positions in
the current price for the purpose at the level of 1.1383 and a protection order at the level of 1.1306.

EURUSD analysis and forecast

Igor Shchukin

Analyst LiteForex Investments Limited

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