06, June 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

Yesterday the EUR/USD was being traded in a price range 1.3090 and 1.305. The pair is currently in a flat. The general trend is growing.

According to traders large offers are currently located at the level 1.3120 with stop orders to buy placed higher.

The price is above the Chinkou-span, we have a strong and confirmed buy signal. EURUSD is being traded above the Ichimoku cloud. The pair is above the Kijun and Tenkan, the Ichimoku cloud is directed upward.

Kijun-Sen and Tenkan-sen follow the price up, both lines are vertical.

Bollinger Bands holds the price between its bands in a flat. The lines are narrowed that generally happens before a price spurt in one side or another.

MACD is now in positive area, the indicator is growing. MACD indicates that pair is overbought.

Trading recommendations

We need to wait when the price leaves the price channel to set the future course of actions. We can trade and in a flat but with a great caution. It is important when the price jumps to open an order in the right direction.

EUR/USD has the potential to overcome the mark 1.31 and grow to 1.32 area.