EUR/USD: euro is going up
Current trend
The pair EUR/USD is still regaining its losses after FOMC Minutes publication. Euro is supported by the preliminary data on German business climat index, which has risen up to 52 point in November. The same index of Eurozone has also risen up to 51.5 points. From the other hand, Dollar is supported by the positive statistics of US labour market. Unemployment claims has dropped down to 323 000 despite the forecasts.
Support and resistance
The pair is testing middle MA of Bollinger Bands at 1.3485. If this level is broken through, the pair will go up to the levels of 1.3525 and 1.3570. Otherwise, the price will drop to 1.3410. On the four-hour chart technical indicators give controversial signals. Bollinger bands are directed downwards. MACD histogram has crossed the signal line from below. Stochastic lines are directed sideways.
Trading tips
Long positions with targets at 1.3570 can be opened if the pair consolidates above 1.3485. Short positions with targets around 1.3410 can be placed at 1.3450.
Dmitriy Zolotov
Analyst of LiteForex Group of Companies
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Forex: Ichimoku Clouds. Review of XAG/USD
XAG/USD, H4
Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen line, they are both directed downwards. Chinkou Span line is below the price chart, current cloud is descending. After long fall the pair has been corrected above the Tenkan-sen line, which becomes a support level at 19.88. The closest resistance level is Kijun-sen line at 20.24.
XAG/USD, D1
On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Chinkou Span line is below the price chart, current Kumo is descending. The closest resistance level is Tenkan-sen line at 20.60. One of the previous extremums of Chinkou Span line is expected to be a support level at 19.33.
Key levels
Support levels: 19.88, 19.33.
Resistance levels: 20.24, 20.60.
Trading tips
On the four-hour chart we can see a correction as a part of the upward trend. Daily chart confirms the Bearish movement. It is a good opportunity to open short trades with targets at 19.88 and 19.33.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
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GBP/USD: general analysis
Current trend
Recently, British economy is demonstrating the signs of recovery, which has a positive effect on the national currency rate. According to statistics, volume budget funds increased due to the rise in the tax rate and revival of business activity. However, economists are still concerned about the public debt, which has reached the level of 75.4% of GDP in October. However, the UK Finance Ministry reports that situation is under control and there is no cause for concern.
Support and resistance
The British currency has broken the upper limit of the trading channel on the chart H4; therefore, the rise is likely to continue. The nearest resistance line and psychologically important level is 1.6200. Support level is the upper limit of the channel (1.6165).
Trading tips
It is recommended to open long positions above the level of 1.6200 with the target of 1.6250-1.6300 and stop-loss at the level of 1.6170.
Dmitry Agurbash
Analysts of LiteForex Group of Companies
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