On Friday's trading last week on major currency pairs showed a burst of volatility that continued into Monday. After the Euro zone unveiled moderately positive GDP data, euro/dollar rapidly reached 1.2550, from which the price has moved down. During the third quarter the economy grew by 0.2 percent, while the experts' forecasts showed 0.1 percent growth. However, traders ignored this release as a background on strong economic growth of the United States economic recovery in the eurozone looks pale. Positive American macrostatictics enabled the pair to test the 24th figure. Both releases submitted by the United States and traders cheered pair reached 1.2455, noted the analysts of the Forex Broker Company Fort Financial Services.
Traders were pleased American statistics. 0.3 percent during October increased retail sales of consumer confidence index showed the highest value in the last seven years. Rising consumer confidence indicates strong economic growth over the fourth quarter of 2014.
Overview and trading recommendations
The euro is continuing to decline after some correction. Previously, the EUR has risen in popularity, so she was able to close the trading against the US Dollar plus. It is assumed that the euro has been associated with disorders on the prospects of US inflation, as reduced confidence in the near future rate hikes. However, a more serious reason for the growth of the single currency became technical factors that contributed to the profit on Long in the green region. At low volume buyers failed to correct a couple of levels above 1.2500. 1.2500 mark is the main resistance in the path bears, above which they failed to gain a foothold.
In the area of 1.2400 is the first support below - 1.2300. In the area of 1.2500 is the first resistance, higher - 1.2600. Price is located in the Ichimoku cloud and Chinkou-Span is above the price level. Tenkan-sen and Kijun-sen exhibit horizontal movement. The MACD histogram is at zero. The price is adjusted. 1.2400, 1.2300 - reduction targets, said the experts of Fort Financial Services (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
