Daily Market Review for Thursday, April 17th 2014
Today’s main Financial Events (All times GMT):
Here is a look at today’s top traded currencies and commodities. Please keep a close eye on the market today, as important financial data is scheduled to be released mainly in Canada and United States. Prices are expected to fluctuate during trading hours. Please find below our recommendations for today:
Key Levels: High at 1.3843/Low at 1.3814
Key Support Levels at: 1.3809/1.3774/1.3740
Key Resistance Levels at: 1.3859/1.3894/1.3928
EUR/USD looks to be on its way up again
EUR/USD traders will be looking forward to the release of important financial data release figures coming out from Europe and United States during Thursday’s trading session.
The pair currently looks as if it will be developing an upward momentum following today’s earlier uphill climb. During yesterday’s closing session, the pair wasn’t able to pass the 1.3820 level. The EUR/USD is currently trading at around a level of 1.3838. It seems as if the pair will continue to go up despite the revised inflation in March.
According to the titantrade trading academy, the pair seems to be heading on it’s way to breach the first resistance level currently targeted at 1.3859. titantrade trading analysts estimate that a more than probable upward trend is expected until the end of the day.
Key Support Levels at: 140.94/140.59/140.24
Key Resistance Levels at: 142.08/142.44/142.79
EUR/JPY is under severe pressure; downtrend expected
The EUR/JPY will more than likely continue facing a downward trend during Thursday’s trading session. There will be fundamental factors effecting the pair’s direction today coming mainly from Europe and Japan. The pair had finished yesterday’s trading session in the “red zone” at a level of 141.30. Since then, the pair weakened and reached a level of 141.048. In the event that the pressure on the pair continues, it will most probably go below the 141.00 level. ECB announcements during the day might be able to trigger the pair to go lower. titantrade signals suggests that the pair will more than likely continue shifting downwards until the end of the day.
The pair’s technical indicators are showing a high possibility for a relatively strong first support level breach currently estimated to be at a level of 140.94. titantrade trading analysts estimate that current market conditions are more than likely capable of a down trend until the end of the day.
Key Support Levels at: 19.5163/19.4857/19.4553
Key Resistance Levels at: 19.5773/19.6077/19.6383
Silver seems to lose some of its positive momentum
Silver had gone up above the 19.8000 level after reaching a daily high of 19.8450 during the early stages of yesterday’s trading session. Silver is currently trading at around the 19.5910 price level. The commodity has been showing signs of weakening starting from yesterday’s mid session and it seems as if it is heading towards a continued downward trend momentum until the end of today’s session. titantrade trading experts believe that Silver is on the verge of breaching the first support level currently targeted at a level of 19.5163. Considering the relative negative momentum it had been showing recently, Silver might reach new weekly lows until the end of the week.
Our chief analyst says that Silver will more than probably continue its negative downtrend that will last until the end of this trading week. titantrade trading analysts estimate that current market conditions favor a possible downtrend in silver until the end of today’s session.