08, December 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

We should expect the flat amid the important macroeconomic statistics absence. In November we observed the ADP and ISM employment decline, consumer confidence indicators from the Michigan Institute and the Conference Board showed the same downward dynamics.

The price is finding the first support at 1.2200. The price is finding the first resistance at 1.2300, the next one is at 1.2400.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is decreasing.

Trading recommendations

When the pair consolidates below the level of 1.2300, we can open deals to the level of 1.2200.