08, December 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

Monday was not rich in important macroeconomic events. We highlight the October Germany industrial production. The Markit PMI indicator is showing moderately positive trend. Considering the previous month low base we expect the industrial production volume growth. Nevertheless, the data came out less then forecasted 0,7% at the level of 0,2%.

The price is finding the first support at 1.0800, the next one is 1.0730. The price is finding the first resistance at 1.0925, the next one is at 1.1050.

There is a confirmed and a strong buy signal. The price is above the 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 correcting.

Trading recommendations

The pair can grow to the resistance level of 1.0925. After breaking 1.0925 the buyers may go to 1.1050.