03, July 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General Overview

Analysis of the Forex market for July 3rd shows that the price is in the downward trend now. The current sell signal is strong and confirmed as Chinkou span is below the price and the price is below the Ichimoku cloud. The first target of the downward movement is the support level 1.3000.

If the price breaks this target the downward movement may proceed to the next support level 1.2900. The downward movement is maintained as long as the price is below the Kijun-Sen.

Chinkou Span is below the price that is a confirmation of the current sell signal.

Bollinger Bands show a continuation of the downward movement.
MACD is in a negative area, indicating the current downward movement.

Trading Recommendations

There is a support is at Wednesday's lowest point 1.2985. This level break would target the pair to 1.2944, the minimum of May 31. If the falling continues the pair will go to the May 29 lowest point 1.2838, and then to 1.2821, a minimum of May 23.

However, the growth above 1.3103 will weaken the short-term negative outlook, targeting the pair to 1.3151the highest point of Tuesday, and then to a maximum of June 21 at 1.3255.