08, March 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The dollar failed to develop a bullish impulse. When the market drew attention to the labor market report traders stopped buying the dollar and began selling it. The euro got some support from conversations about the deposit rate decrease and the two-tier commission introduction.

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 non-confirmed and a weak 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 forming a “Golden Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The pair can grow to the resistance level of 1.1050. After breaking 1.1050 the buyers may go to 1.1150.