04, March 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The euro strengthened on the Thursday’s trades. Earlier the euro was under pressure after weak manufacturing and inflation data in the Eurozone. The latest releases raised expectations that ECB would launch additional easing measures at the upcoming meeting.

The first support lies at 1.0925 and then at 1.0800. The first resistance stands at 1.1050, the next one is at 1.1150.

There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is correcting.

Trading recommendations

We suppose the pair will go to 1.1050 first. Having overcome the first target the price might go upwards to 1.1150.