03, April 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

The trading was in a calm manner yesterday - the single European currency, at least a little, but again rose up versus the dollar. Obviously, the high rates of short-term loans in the interbank market and good Eurozone economy results supported the euro.

The first support is 1.3760. The next one is 1.3710. The resistance is 1.3860.

There is a strong southern movement. The price is below the Cloud and above the Chinkou Span. The downward movement will be until the Kijun-Sen is below the price. The Kijun-Sen is crossing the Tenkan-Sen down forming a “Dead Cross”. That is a good sell signal.

MACD histogram is still in negative zone slightly growing.

Trading recommendations

The euro growth versus the dollar occurs on declining volumes. The potential upside target is 1.3860. After its retest the price bounce down is expected. The potential target is 1.3760.

The main long term goal is the mark 1.3710.