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17.04.201311:40 Forex Analysis & Reviews: EUR/USD. Forecast for April 17, 2013

Long-term review

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Having no considerable prerequisites for growing, the euro managed to rise 90 points during the European session. Data on ZEW Economic Sentiment both in Germany and Eurozone was published yesterday. Both indices showed the worst outcome for three months, 36.3 and 24.9 respectively. Positive news was revealed amid the US session (US Housing Starts and US Manufacturing Production were better than expected and the euro grew 140 points.

Today no macroeconomic events are issued, except for US beige Book which is revealed at 22:00 GMT+4.

Technically, on the daily and H4 charts there are conditions for the growth. However, yesterday’s impulse has no clear explanation. Thus, one should deal with caution. The fact that important trendline on the daily chart (1.3240) and the level of Fibonacci 50% are placed near should be taken into account. In this area swing to a new price drop may be observed in this area. On the H4 the price is in the area of uncertainty 1.3160 – 1.3225. If the rate breaks the upper boundary it raises the pair to resistance on the daily chart 1.3240 or higher to the level on the H4 1.3276. Consolidation of the rate under the level of 1.3155 may reverse the price to support level on the daily chart.

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