Current trend

The last week was positive for the EUR/USD pair due to the “dovish” FRS mood of the interest rate rise and the positive for the EUR Netherlands Elections result. The growth o the pair slowed in the end of the week due to the traders’ fixing the profit, which presses the price to the level of 1.0700. The pair managed to close above this level, which entrusted the “bulls”. In the beginning of the week the pair is growing and tested the level of 1.0780.

Due to the absence of the significant news from the Eurozone and the USA, the pair will move within 1.0800-1.0600 in the short term and middle term period.

Support and resistance

On the daily chart the pair is growing along the upper border of the Bollinger Bands indicator. The MACD histogram is near the zero line, its volumes are growing, the signal line crosses the zero line upwards, giving a signal to open long positions.

Support levels: 1.0700, 1.0640, 1.0600.

Resistance levels: 1.0780, 1.0800, 1.0825.

Trading scenario

Open long positions at the current price with the target at 1.0800 and stop loss at 1.0720.

Short positions open from the level of 1.0690 with the target at 1.0640 and stop loss at 1.0720.

Implementation period: 1-3 days.

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