04, April 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The Eurozone published Manufacturing Sector PMI for March at the level of 51.6. The forecast was 51.4. The unemployment rate remained at the level of 10.3%.

The first support lies at 1.1350 and then at 1.1260. The first resistance stands at 1.1450, the next one is at 1.1550.

There is a confirmed and a strong buy signal. The price is above the Ichimoku 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 above the Cloud.

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

Trading recommendations

We believe the growth will be continued now. The first target is the level 1.1450, the next one is 1.1550.