08, April 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

Mario Draghi’s performance became the main event of Thursday. The euro strengthened against the dollar by 4.6% in the first quarter. That was a negative factor for exports and inflation. The USA published Initial Jobless Claims for April. The Index showed 267K (the previous value was 276K; the forecast was 271K).

The first support lies at 1.1350 and then at 1.1260. The first resistance stands at 1.1450, the next one is at 1.1500.

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 and the Kijun-sen show a horizontal movement. 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

We believe the growth will be continued now. The first target is the level 1.1450, the next one is 1.1500.