26, November 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

The last trading day of last trading week the U.S. currency weakened versus the euro and the pound and strengthened versus Japanese yen. Positive IFO index in Germany, which set the maximum values for the last 19 months - cheered "bull" to open long positions. Leading Eurozone economy pleases market participants a good report and the euro/dollar was able to regain lost ground.

The British pound amid an empty macroeconomic calendar was traded moderately in an upward range and closed the day trading at around 1.6225, not far from the strong resistance level 1.6255. The strong growth in the stock markets on Friday supported the demand for a dollar/yen.

American S&P 500 once again set a fresh historic high while Japan's Nikkei 225 set 4- month high. Many market participants expect the correction for USD/JPY - but the decrease in quotations "bulls" re-opened long positions and the whole trading day to close at 101.27.