01, May 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The rebound from 1.3870 trendline has led to the price lowering at a strong support level 1.3800 which can be broken down in the light of a large number of especially important fundamental data.

The trading day mainly depends on fundamental analysis. This is due to the fact that the news was released on the EUR and USD. We received the Federal Open Market Committee (FOMC) announcement and the USD interest rates were published.

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 non-confirmed and strong 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 at zero zone.

Trading Recommendations

Despite the fact that the support level 1.3800 is likely to be broken down the upward trend remains dominant in the medium term. The potential downward target is the trendline 1.3680. If the price goes upwards it will grow to 1.3900.