08, April 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

Traders returned to work after a long weekend. In this regard, there was a slight volatility surge. We expect the US and Germany negative bond yields.

The ISM service sector business activity negative data point out to the corrective movement continuation.

There has not been the round resistance level of 1.1050 test. The trading was on the lower volumes and was followed by the rebound downwards. The support level of 1.0925 was broken.

The price is finding the first support at 1.0790, the next one is at 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050. The price is шт the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.

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

Trading recommendations

The strong resistance level 1.0790 test will be followed by the euro consolidation.