04, February 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

During the day the pair can show a moderate effect amid the two key factors. Firstly, during the two days we have seen the "black gold" growth which is a negative factor for the US dollar. Secondly, the UK and German 10-year bond yields reduction encouraged bulls to long which will also support the single European currency.

The price is finding the first support at 1.1400, the next one is at 1.1300. The price is finding the first resistance at 1.1520, the next one is at 1.1590.

There is a confirmed and a weak 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 under the Cloud.

The MACD indicator is in a positive territory. The price is growing.

Trading recommendations

The price is likely to go to the resistance level of 1.1590.