06, May 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

According to the European Central Bank the euro area continued its recovery, still downward risks remained. No important news was published amid the Ascension Day celebration in Europe.

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 a horizontal movement and the Kijun-sen shows an upward movement forming a “Dead Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

After the support level of 1.1350 breakthrough down the way to the support 1.1260 will be opened.