06, April 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

As for the pair euro/dollar the key level is the downward trend line of 1.0925, which was broken upwards. The trend line breakthrough may lead to the medium correction formation upwards.

The price is finding the first support at 1.0925, the next one is at 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a confirmed and a strong 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 and form a “Golden Cross”. The upward movement will be until the price is under the Cloud.

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

Trading recommendations

The potential growth targets are the resistance levels: 1.1050, 1.1150.