29, April 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The pair EUR/USD traded in the lot laterally range near the strong support level 1.3800 - 1.3810 the most of the month. The attempts to break below the level did not lead to success for the sellers. But the rates rebound up did not happen, despite that the trade continued above the 38th figure for a long time.

The first support is 1.3800, the next one is 1.3760. The first resistance is 1.3860, the next is one 1.3900.
There is a confirmed and weak buy signal. The price is above the Cloud and it is above the Chinkou Span.

The uptrend movement will be until the price is above Kijun-Sen.

The MACD histogram is in the positive zone.

Trading Recommendations

Uncertainty on this instrument persists. However, due to the descending channel test formation and divergence on volumes in the short term, the traders can take the initiative in their own hands. They have to break and consolidate below the 1.3800 support level to do this.