02, June 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The European currency was influenced by the external events, mainly from the U.S., which resulted in the mixed traffic and, ultimately, against the "greenback" closure almost at opening prices with a small "profit" that was the result of the technical factors. The Eurozone newsflow did not show any significant news. The information that could attract the investors’ attention had been already published it is April German retail sales that fell by 0.9 % m/m

The price is finding the support at 1.3570. The price is finding the first resistance at 1.3610, the next one is at 1.3670.

There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The downtrend movement will be until the price is under the Kijun-Sen.

The MACD indicator is in negative territory.

Trading recommendations

Please be advised to go short to 1.3570. If the price consolidates below the first target it will go to 1.3520.