09, April 2015

EUR/USD (a 4-hour chart)

 EUR/USD (a 4-hour chart)

General overview

The bulls have been trying to consolidate above 10th figure for the third consecutive week and each time, the euro faces the bears’ resistance. There will be the ECB monetary policy meeting next week (April 15) and the event may become the driver for the euro decrease.

The trades will be under the FOMC protocol influence which was published late in the evening. There was a short-term price rebound from the downward trend line and tested the support level of 1.0790.

The price is finding the first support at 1.0790, the next one is at 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement and form a “Dead Cross”.

The MACD indicator is in a neutral territory. The price is falling.

Trading recommendations

The downward movement will be continued. The pair may go to 1.0670 soon.