08, June 2016

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

The EUR/USD lost its growth impulse, despite the fact that the final GDP for Q1 in the Eurozone exceeded the forecast. Investors preferred to take profits after the pair grew at 250 points last week.

Current situation

The pair traded at the recently reached highs at 1.1370. All buyers’ attempts to take the euro higher failed. The pair was traded in a narrow corridor between the level of 1.1337 – 1.1390. The resistance is at 1.1370, the support is at 1.1300.

MACD is in a positive area. The histogram is below its signal line. RSI reached the overbought level of 70. According to the indicator the price may change its direction soon.

Trading recommendations

Once we break below the 1.1300 level, we think that the 1.1250 level will be next.