Weekly Forex Signals
U.S. dollar takes full advantage of worn-out Euro.
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LONG SIGNAL |
SHORT SIGNAL |
| EUR/USD |
- Buy a break of resistance level at 1.4060
- Buy a break of resistance level at 1.4130
- Buy a bounce at 1.3855
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- Sell a break of support level at 1.3855
- Sell a break of support level at 1.3805
- Sell a failure of breaking the resistance 1.4060
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Fundamental
The dollar rose the most in a week against the euro after Russia's Finance Minister Alexei Kudrin said the nation has full confidence in the U.S. currency. The greenback advanced against all 16 major currencies as Kudrin said in an interview on June 13 that it was too early to speak of an alternative to the world's reserve currency. The euro extended losses against the dollar after Britain's Telegraph newspaper cited Germany's top industrial group as saying credit conditions in Europe's largest economy are worsening.
Technical
Technical analysis shows the euro may fall to 1.3855 where will find previous support. Technically MACD chart is showing a selling signal by crossing the signal line to MACD line and RSI breaks 70% level downwards. We have strong supply in the market as stochastic shows us the market movement and Bollinger gives us a bearish signal by closing the candle below the middle band.
Trends
Primary Tendency (Daily Chart): The primary tendency breaks the trend line.
Secondary Tendency (Four Hour Chart): The pair breaks Fibonacci fan lower level.
Minor Tendency (Hourly Chart): The Minor trend is in a clear downtrend.
Resistance
1.4060
1.4130
Support
1.3855
1.3805
Technical Indicators
Crossing of two moving averages and closing price of the candle is below the short-term moving averages.
MACD crosses the signal line and moving downwards.
RSI (Relative Strength Index) breaks 70% line downwards.
Bollinger gives us a bearish signal after closing the candle below the middle band.
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Disclaimer: FINOTEC Trading's Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.
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