EUR/USD (a 4-hour chart)
The US first quarter GDP release disappointed traders with the weak data. Its weak growth by 0.2% is a result of the US dollar revaluation. It should also be noted the personal consumption expenditures reduction for the first quarter which is a negative factor for the inflation. The low inflation will deter the Fed from the monetary policy tightening.
Buyers have broken through the resistance level of 1.0925 for the fourth time. The level breakthrough was amid the increased volume. The resistance levels of 1.1050 and 1.1150 were also broken upwards.
The price is finding the first support at 1.1150, the next one is 1.1050. The price is finding the first resistance at 1.1260, the next one is at 1.1450.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
The approach to the level of 1.1150 may lead to a price rebound down. The potential rebound targets are the support levels of 1.1050, 1.0925.