09, February 2015

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

General overview

Germany shall publish the industrial production release. The industrial orders strong growth in December indicates the positive data output that will provide some support to the euro. However, the main event of the day will be the US labor market data. The release was better than the forecasted medians.

The support level breakthrough of 1.1400 was followed by the price decrease to the mark of 1.1300.

The price is finding the first support at 1.1300, the next one is at 1.1170. The price is finding the first resistance at 1.1400, the next one is at 1.1520.

There is a non-confirmed and a weak 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 positive territory. The price is correcting.

Trading recommendations

The upward bounce potential target is 1.1400. The potential increase targets are two the resistance levels of: 1.1520, 1.1590.